Forex Analysis & Reviews: Forecast for AUD/USD on December 16, 2020

AUD/USD
The Australian dollar took advantage once again of the delay in the offensive of the US currency (or does not believe in it) and went up to 26 points yesterday. But this growth in technical terms has not changed anything, the price divergence with the Marlin oscillator remains, the upper and the lower targets remain unchanged. Today, the Fed's FOMC is more likely to announce a reduction in the QE program or at least an intention to do so in January. Such a statement should cool the ardor of speculators. We are waiting for the decline of the Australian to the nearest support of 0.7500 (low of December 2017), then to 0.7440.

Based on the four-hour chart, the Marlin oscillator does not reduce confidence in the downward trend section, declining in its own channel. The Kruzenshtern line is approaching the target level of 0.7500, this level is of particular importance and its overcoming can provoke an accelerated fall in the price.

Analysis are provided by InstaForex