Forecast for AUD/USD on January 12, 2021


The Australian dollar continues to decline under the general attack of the US dollar. The US currency index added 0.53%, oil fell by 0.97% (WTI), iron ore lost 0.50%.


On the daily chart, the signal line of the Marlin oscillator is preparing to move to the side of the "bears." The nearest target of the "Australian" is the level of extremes on January 4 and December 17 at 0.7641. Correction is possible from it. After overcoming the level (according to the main scenario), a further decline to the target of 0.7465 can be expected.


On the four-hour timeframe, the Marlin oscillator turns slightly upwards. Perhaps this is a signal to continue the correction to the MACD line at 0.7737. With the completion of the correction, the price is expected to move down to the designated targets.

The material has been provided by InstaForex Company -