FX.co ★ Forecast for AUD/USD on August 17, 2020

AUD/USD

The Australian dollar has not decided to make a decisive and irrevocable decline for a week, settling under the 0.7190 level. However, such indecision could cause the currency to sharply fall than it might have done a week or two ago. The fact is that the MACD indicator line is getting closer to the price every day, which makes it easier for it to be settled under the MACD line. And such a technical condition can provoke a sharp decline in the price without relying on indicator support.

The price falling below 0.7070 and under the MACD line, respectively, is a consistent indicator of a strong pattern for the price to drop. Without violating this plan, the price can grow to 0.7240 or even 0.7296 (high on January 27, 2019).

The price tried to go above the 0.7190 level on the four-hour chart again this morning. The first attempt failed, and the leading Marlin oscillator moved down. The price falling under the MACD line at 0.7170 may prompt the aussie to no longer make attacks on 0.7190, but instead, take up the task of reaching the bearish target of 0.7070. On the way to this goal, the price has a strong level of 0.7120 formed in the period from the third decade of July, there may be a correction from this area.