Forecast for AUD/USD on January 29, 2021

AUD/USD

Yesterday, the Australian dollar made a decisive attempt to go under the technical level of 0.7641 (the top on December 17). However, this was slightly prevented by the corrective sentiment in European currencies against the background of a decrease in psychological tension caused by the arrival of weak European statistics, the ECB's hint of a rate cut and concerns about the vaccination campaign. The Marlin oscillator is declining, this indicates a likely re-attempt to overcome the support of 0.7641 today and on Monday to consolidate.

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On the four-hour chart, the price is turning down before reaching the MACD line. The Marlin oscillator also is turning down without touching its zero line - the border with the territory of growth. The consistent reversal of the price and the oscillator increases its reliability. Fixing under 0.7641 will lead the price to the first target level of 0.7508.

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

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