Forecast for AUD/USD on August 3, 2021

AUD/USD

The Australian dollar managed to overcome the pressure that began on Friday, showing an increase of 16 points on Monday, and staying above the nearest embedded price channel line.

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The Marlin Oscillator maintains its own intrigue - it crossed the zero line this morning, but for growth it needs to go above the upper border of the narrowing channel. For a confident growth, it still needs to overcome the signal level of 0.7399. The target in this case will be the upper line of the price channel at 0.7485. Falling below yesterday's low of 0.7330 will not give the price a chance to hold on to its growing potential; there will be a fall to the lower border of the price channel 0.7273, or even lower to the target level 0.7244 - to the high on October 9, 2020.

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The price is above the MACD indicator line on the four-hour chart, Marlin is in the negative zone, but is not averse to entering the growth zone. In general, the price continues to move sideways in the 0.7330/99 range, expecting some strong external signals.

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

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