Forecast for AUD/USD on March 1, 2021

AUD/USD

The Australian dollar fell by almost 170 points last Friday. The last time a similar trend was seen was back in the second half of March 2020, at the height of coronavirus fears. The price has almost reached the MACD indicator line on the daily chart, now a slight correction is possible, after which we are waiting for the target range 0.7625/41 to be reached, being able to settle below it and descending to 0.7415 - to the September 1, 2020 high.

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Trading volumes on Friday were the highest in the last three months. This may indicate that the correction will not be high, although formally it can extend to the MACD line on the four-hour chart in the area of 0.7885. Therefore, we can only follow its development and open short positions upon the end of the correction. If the price moves below Friday's low of 0.7693, it will be a signal for another sale.

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

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