Forex Analysis & Reviews: Forecast for AUD/USD on August 23, 2021

AUD/USD
Since the trading day opened, the Australian dollar is headed for correctional growth from the target level of 0.7124 reached on Friday. The Marlin Oscillator is turning upward with force, the correction may stretch for more than a week, until the MACD indicator line is worked out in the area of 0.7323, which also corresponds to the correction level of 23.6% of the entire movement since February 25.

The Marlin Oscillator is climbing up a steep trajectory on the four-hour scale chart, probably with the intention of settling above its own zero line, in the growth zone, and then continuing to grow at a normal rate. The first obstacle on the way to 0.7323 is the MACD line in the area of 0.7250. If the price does not settle above it, a reverse decline to 0.7124 is possible.

Analysis are provided by InstaForex