Forecast for AUD/USD on February 18, 2021

AUD/USD

Yesterday, the Australian dollar consolidated below the target range of 0.7765/83, which is supported by the balance indicator line in the daily time frame. For the last few days, this indicator line has gained a high significance for the price. The downward trend would be correlated with increased difficulties until the price is set under it. Meanwhile, the Marlin oscillator continues to develop in the area of a growing trend, that is, above the zero line.

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As for the H4 chart, the price is seen moving in the sideways between the MACD line and the range of 0.7765/83. Primarily, the price is expected to consolidate below the MACD line, and that will automatically imply a consolidation below Wednesday's low.

Given that such a scenario immediately works out, the price will most likely consolidate below the balance line in the daily chart tomorrow. But for now, we should take a wait-and-see position for this pair, since the price might still surge to the target level 0.7830.

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

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