For Traders

Analytical Reviews

Technical analysis

16.08.201906:34 Forex Analysis & Reviews: Forecast for AUD / USD pair on August 16, 2019

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

AUD / USD pair

As we expected in the previous review on the Australian dollar, the currency pair continues to consolidate in a complex lateral correction. On Wednesday, the fall in prices stopped on the line of the price channel on the daily chart, after which, the price went above the Fibonacci level of 23.6% this morning. The Marlin oscillator in a growing position and it is possible to continue the growth to the level of correction of 38.2% at 0.6832, coinciding with the low of June 18.

Multivariance is retained. Growth to the first target level can occur immediately, there may be another decrease from the current levels to the MACD line on the four-hour chart. Near this level, there is a support range of 0.6727/37. Again, this corresponds to the support on the older scale. Also, there can be two scenarios from 0.68332, either a further growth or spread, and spread of unpredictable depth. Extreme growth to the strong point of resistance at 0.6888, where two lines of price channels and the MACD line on daily converge, is not cleared.

We are waiting for the development of events. At the moment, the price is higher than the red balance indicator line on the H4 chart. The Marlin oscillator is in the growth zone, which confirms the prospect of a moderate daily growth rate to the Fibonacci level of 38.2%.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.