Forecast for AUD/USD on August 26, 2020

AUD/USD

The Australian dollar rose by 31 points yesterday while the US dollar weakened, rebounding off the support of the MACD line on the daily chart. The Marlin oscillator has returned to the zone of positive values, and now the price along with this oscillator can form another six-fold wave of divergence. To do this, the aussie should grow to the target level of 0.7296 (December 2018 high). The target level of 0.7240 can prevent the price from doing this. If the price moves below the MACD line (0.7165) and settles, this will trigger a medium-term decline in the Australian dollar and the nearest target will be 0.6975 (June 23 high).

The price left the triangle up while simultaneously leaving the downward trend zone of the Marlin oscillator on the four-hour chart. The price is above the MACD line. The trend is completely upward. We are waiting for the development of the first target level of 0.7240, and if the price settles above it, the growth will continue to the second goal of 0.7296.

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