Forecast for AUD/USD on October 19, 2020


The Australian dollar was 12 points lower on Friday, but it looked like a consolidation after a significant drop on Thursday. If this consolidation is completed, then today we are waiting for the price to move under Thursday's low of 0.7058 and for it to decline further to the nearest target of 0.6960 or slightly lower, to support the embedded blue price channel line.


The aussie's consolidation looks more like a correction on the four-hour chart. We have not yet observed any changes in indicators in order for the price to possibly increase. Nevertheless, false movements in the market are an "eternal technical aspect", therefore, it is also possible that the correction would reach the MACD line to the 0.7155 area. Here, the false movement will be the exit of the signal line of the Marlin oscillator into the growth zone. We are waiting for the development of the main declining scenario.


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