Forecast for AUD/USD on October 6, 2020
The Australian dollar grew yesterday due to general market interest in risk, and it gained 18 points. It stopped growing due to the resistance of the extremes on September 9, August 13 and other days in the past. The aussie is trying to overcome this level again this morning. Pushing the price above the high on October 1 (0.7210), may bring the aussie to the target level of 0.7270. A price slowdown with a breakout of the signal level will cause the Marlin oscillator to reach the border of the growth area and a reverse from it, then the probability of a price reversal will increase.
The price is in the range between the target level of 0.7190 and the signal level of 0.7210 on the four-hour chart, while Marlin is trying to go into the negative zone, after which the pressure on the price will increase. This is the first sign that prices will not rise to 0.7270, but this is only the first and weakest sign. To strengthen the reversal, the price needs to settle below the lower signal level of 0.7132, and then go below the MACD line. The price has a lot to do, so we just have to wait for the development of events.
The material has been provided by InstaForex Company – www.instaforex.com