Forecast for AUD/USD on August 19, 2021

AUD/USD

On Wednesday, the Australian dollar successfully crossed the lower boundary of the descending price channel, and for this reason, the channel lost its significance and was canceled.

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On the daily chart, the situation is showing a downward trend, the nearest target levels are 0.7124 (April 2004 low) and 0.7060 (February 2019 low and June 2020 high).

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The price with the Marlin Oscillator begins to form a convergence on the four-hour chart. This is a signal for consolidation or even a small correction (due to a small convergence) before a more decisive price decline to the first target of 0.7124

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

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