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Forecast for AUD/USD on August 19, 2021

AUD/USD

On Wednesday, the Australian dollar successfully crossed the lower boundary of the descending price channel, and for this reason, the channel lost its significance and was canceled.

analytics611dcc0f20908.jpg

On the daily chart, the situation is showing a downward trend, the nearest target levels are 0.7124 (April 2004 low) and 0.7060 (February 2019 low and June 2020 high).

analytics611dcc1a39d8d.jpg

The price with the Marlin Oscillator begins to form a convergence on the four-hour chart. This is a signal for consolidation or even a small correction (due to a small convergence) before a more decisive price decline to the first target of 0.7124

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