Forecast for AUD/USD on September 21, 2020

AUD/USD
The dollar index strengthened by 0.10% on Friday, it was enough for the overbought Australian to fall by 22 points (-0.30%). The signal line of the Marlin oscillator has sharply turned down and penetrated the zone of negative values, although it is trying to go back up at the moment. We assume this is the effect of price fluctuations. We expect the price to overcome the first target of 0.7249 (September 10 low) and continue to fall to the second target of 0.7110 (August 12 low).

The price fluctuates around the balance and MACD indicator lines on the four-hour chart. On the technical side, this means waiting for another impulse from the external market. The Marlin oscillator turned into a new wave of decline from the border of the growth area, which is a leading sign of a market reversal.

We are waiting for the technical signals to be confirmed. This will probably not happen until Tuesday.

Analysis are provided by InstaForex