Forecast for AUD/USD on October 20, 2021

AUD/USD

The Australian dollar has noticeably stepped over the target level of 0.7445, which can be taken as the price consolidation above it. Now this level acts as a support for a possible correction. But the main target for the next few days is 0.7566 - the March 25 low.

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The price with the Marlin Oscillator formed a weak double divergence on the four-hour chart. This circumstance can delay the growth, translating it into lateral movement for the next day. We do not expect a deep correction, since the MACD line is close to the support at 0.7445, exerting additional upward pressure on the price.

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

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