FX.co ★ Forecast for AUD/USD on April 2, 2021

AUD/USD

Yesterday, the Australian dollar showed a volatile day, in which the struggle between the interests of bulls and bears was visible ahead of today's US employment report. Some of the players simply left the market, closing their positions before the long weekend on the occasion of Catholic Easter. Trading volumes were the highest in a week.

On the technical side, the bears' potential is higher, since a small convergence with the Marlin oscillator has formed on the daily chart, the expected breakthrough of which is a traditional manifestation of the strength of a particular trend (in the opposite case - divergence).

The convergence is more pronounced on the four-hour chart, but its second low (marked with an arrow) is located very close to the zero line of the oscillator, which is also a sign of how weak the formation is, and the signal line itself already shows an intention to turn to the downside. The price has reached the MACD indicator line, now it can make any movements in the nearest area in any way up to the release of the US labor report. We are waiting for this moment. Our main scenario assumes that the price would fall due to the optimistic report and the subsequent development of targets 0.7500 and 0.7375.