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03.09.202105:32 Forex Analysis & Reviews: Forecast for AUD/USD on September 3, 2021

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AUD/USD

Yesterday, the Australian dollar settled above the balance indicator line on the daily chart. Empirically, this means that investors have shown their desire to continue buying the Australian currency in the medium-term investment horizons, the market balance has shifted towards long positions. The target is already close - the Fibonacci level of 38.2% at the price of 0.7452. Exit above the level opens the second target of 0.7558 - the Fibonacci level of 50.0%, which coincides with the low on February 2, 2021.

On the four-hour chart this morning, there is a consolidation of both the price and the Marlin oscillator with the potential for the development of a correction. The correction can continue up to the local support at 0.7357/86, which was created on September 1-2. We expect the price to rise in the future.

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