Forecast for AUD/USD on March 8, 2021


Last Friday, the Australian dollar fell at the moment by 104 points, reaching almost the target level of 0.7615. However, with the caveat that the level is determined correctly. In any case, the downward trend is fixed – the price is under the indicator lines of the balance and the Kruzenshtern, the Marlin is fixed in the negative zone. If the price is fixed above the Kruzenshtern line, above 0.7725, which also coincides with the low of February 17, a corrective growth is possible in the area of peaks on January 6 to 7 (0.7815), but the main scenario assumes a resumption of the decline from the current levels to 0.7615 and subsequent bearish targets of 0.7565, 0.7500.


Based on the chart of the four-hour scale, the signal line of the Marlin oscillator has approached the border with the territory of growth, from it a downward reversal is possible as from the resistance line. We are waiting for developments.


The material has been provided by InstaForex Company -