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Forecast for AUD/USD on July 8, 2021

AUD/USD

The Australian dollar traded in a range of 70 points on Wednesday, once again testing the downward inner line of the price channel with the upper shadow. The day ended with a 10 point decline, and in today's Asian session the price lost another 30 points.

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The signal line of the Marlin oscillator goes down from the wedge-shaped structure. It has now become obvious that this is not a convergence, but a wedge. We are waiting for the price in the target range 0.7400/10, the second target will be the embedded line of the price channel at 0.7373.

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On the H4 chart, the price turned down yesterday when the Marlin oscillator reversed from the zero line - the border of the growth area. Now the trend is completely downward, we are waiting for the price at the designated target.

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