Forecast for AUD/USD on September 7, 2020
Friday’s US labor data was a good reason for the Australian dollar to attack the technical support of the MACD line on the daily chart. But the dollar did not gain much, since the United States will be celebrating a public holiday on Monday (today) and some of the sell positions were closed. But the general downward market sentiment continues.
The Australian dollar needs to settle below the August 19 peak at 0.7277, which will automatically mean settling below the MACD line on the daily timeframe. The bears will be aiming for the August 3 low of 0.7075.
The four-hour chart shows that the price is progressing under the MACD line, that is, in a downward trend in the short-term. This trend will strengthen as the price settles below 0.7277. After overcoming last session’s low of 0.7223, it is possible to open short positions while aiming for 0.7075. A more aggressive strategy allows you to open positions after consolidating below 0.7277.
The material has been provided by InstaForex Company – www.instaforex.com