Forecast for AUD/USD on September 24, 2020
The Australian dollar managed to reach the target range of 0.7065-0.7110 yesterday. The price is trying to go even lower today in the Asian session. The 0.6970 target will probably be reached soon, which is near the area where the channel line passes. The Australian dollar, especially after sharply moving yesterday, should be helped by external markets. Currently, non-ferrous metals and hydrocarbons are listed as mixed. The hitch will cause the price to reach the support of the price channel only on September 30 (checkmark).
The Marlin oscillator lies in a horizontal direction on the four-hour chart. This is either preparation for a further decline or for a deeper reversal of the indicator. In this case, settling below 0.7065 is an important sign of intentions to decline in the long term.
The material has been provided by InstaForex Company – www.instaforex.com