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06.01.202105:04 Forex Analysis & Reviews: Forecast for AUD/USD on January 6, 2021

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AUD/USD

On Tuesday, the Australian dollar, as well as other major currencies, slightly strengthened on the news of an increase in the official exchange rate of the yuan to 6.4760. This helped the "Australian" to work out the target level of 0.7770, which it failed to reach the previous two days, and now it is turning down from it.

The price formed a double divergence with the Marlin oscillator. The signal line of the oscillator once again turns from the upper boundary of its own channel. Fixing the price below the level of 0.7641 will coincide with the exit of the marlin signal line from the channel down. This will strengthen the bears' position in the Australian currency.

A divergence quickly formed (not confirmed) on the four-hour chart. Now, there are even stronger conditions for a price reversal and a short-term (so far) decline with a target of 0.7465.

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