FX.co ★ Forecast for AUD/USD on July 8, 2021

AUD/USD

The Australian dollar traded in a range of 70 points on Wednesday, once again testing the downward inner line of the price channel with the upper shadow. The day ended with a 10 point decline, and in today's Asian session the price lost another 30 points.

The signal line of the Marlin oscillator goes down from the wedge-shaped structure. It has now become obvious that this is not a convergence, but a wedge. We are waiting for the price in the target range 0.7400/10, the second target will be the embedded line of the price channel at 0.7373.

On the H4 chart, the price turned down yesterday when the Marlin oscillator reversed from the zero line - the border of the growth area. Now the trend is completely downward, we are waiting for the price at the designated target.