Forecast for AUD/USD on August 11, 2021

AUD/USD

The Australian dollar gained 19 points on Tuesday, bouncing off the support of the embedded price channel line. The Marlin oscillator returned to the positive area.

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The price is slowly gaining the potential to attack the MACD line (0.7416). Consolidating above it will lead to corrective growth from the entire decline since May 10. Accordingly, this may be an increase to the Fibonacci levels of 38.2%, 50.0% to the prices of 0.7520 and 0.7590.

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The price is not yet ready to rise on the four-hour chart. To do this, it needs to go above the resistance of the MACD line, above 0.7358, and by this time the Marlin oscillator will move into the zone of positive values.

The material has been provided by InstaForex Company - www.instaforex.com

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