20.10.202305:00 Forex Analysis & Reviews: Forecast for AUD/USD on October 20, 2023

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 continues to consolidate within the 0.6295-0.6388 range, and this consolidation is increasing the bearish potential every day as the Marlin oscillator's signal line tilts downward in a triangle.

Consolidating below the level of 0.6295 means that the next target will be 0.6171. To initiate an upward movement, the price should rise above the MACD line around 0.6426. The first target will be 0.6514, followed by 0.6612.

A downtrend on the 4-hour chart, and there's a low chance of a reversal. The first sign of a reversal would be the price surpassing the previous day's high of 0.6359, which would automatically lead to breaching the MACD line. We await further developments.

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.