Forecast for AUD/USD on December 8, 2020

AUD/USD

Yesterday, the Australian dollar showed increased volatility amid a slight panic due to a rumor about the preparedness of British Prime Minister Boris Johnson to withdraw from Brexit negotiations. The Aussie closed the day with a decrease of 6 points, thus consolidating under the level of 0.7440.

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The triple divergence of the price with the Marlin oscillator is increasing, and the market trend is more and more adjusted to a reversal. The first target is the level of 0.7340 - the minimum on November 30 and the maximum on November 9 and 17. Fixing the price below 0.7340 opens the second target 0.7222, before which there is a serious support of 0.7255 created by the MACD line, ergo it is more correct to define the target with the range 0.7222 / 55.

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On the four-hour scale chart, the price is preparing to fight with the support of the 0.7405 MACD line. The price is assisted by the Marlin oscillator, which created a divergence and moved to the negative area. Fixing the price at 0.7405 opens the first target of 0.7340.

The material has been provided by InstaForex Company - www.instaforex.com