FX.co ★ Forecast for AUD/USD on March 12, 2021

AUD/USD

The Australian dollar, which was prepared for a technical fall yesterday at the meeting of the European Central Bank, did not see a decline in European currencies, it quickly changed the trend to an upward one. The price at the end of the day rose by 53 points, gaining a foothold above the Kruzenshtern line on the daily scale chart. The Marlin oscillator has moved to the positive zone values. Theoretically, the growth is now unlimited, even the level of 0.8010, which is the top on February 25 is perceived only as a formality.

There is only one technical technique that allows for a market reversal – the interpretation of the price exit over the Kruzenshtern line as a false signal. This option still has a high degree of implementation, as now the tone of the markets creates a plan for the US administration to further stimulate the economy. A return of the price under the Kruzenshtern line below the 0.7750 mark will confirm this interpretation and this option - a decline in the price to the levels of 0.7615, 0.7565, 0.7500.

Based on the four-hour chart, the 0.7750 level of the daily chart also corresponds to the Kruzenshtern line. The indicated intention of the Marlin oscillator to turn down is also trying to incline the trend to a reversal. As a result, we recommend that you do not take any trading actions until the current situation is resolved.