For Traders

Analytical Reviews

Technical analysis

12.10.202004:57 Forex Analysis & Reviews: Forecast for AUD/USD on October 12, 2020

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

The Australian dollar significantly increased by 80 points last Friday. The price approached the target level of 0.7270. The signal line of the Marlin oscillator has entered the zone of positive numbers, into the growing trend zone. The price breakout above the 0.7270 level opens the way for the price to reach the target level of 0.7345, which is the peak on September 16, the 0.7365 target is located a little higher - this is the upper border of the price channel of the higher timeframe.

But here comes an important feature. Since the ongoing growth is corrective in nature, a reversal can occur without reaching any designated target level, which forces us to be more careful and reduce the risk when opening long positions.

The price has settled above the last highs of October 1 and 6 on the four-hour chart. Growth continues with the support of the Marlin oscillator, which has moved into the positive trend zone. We are waiting for the gap to close and the price to rise to 0.7270.

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.