Forecast for AUD/USD on July 16, 2021

AUD/USD

The Australian dollar fell by 60 points yesterday, once again marking the target level of 0.7410. The wedge of the Marlin oscillator has slightly transformed, but the main intention of the price and the oscillator to overcome each of their support remains.

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The departure of the price below the level of 0.7410 visually coincides with the exit of the Marlin oscillator from the wedge down. A synchronous signal will amplify the decline. The target of the movement is the 0.7344/64 range. The lower limit of the range corresponds to the two peaks of November 2020 and September 16, 2020.

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The price is declining under the balance and MACD indicator lines on the four-hour chart, the Marlin oscillator is in the decline zone. We are waiting for the price in the specified target range of 0.7344/64.

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

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