Forex Analysis & Reviews: Forecast for AUD/USD on July 14, 2021

AUD/USD
The Australian dollar dropped 32 points yesterday, which nevertheless showed an inclination towards a downward scenario.

The Marlin oscillator is still inside its own wedge, but the intention to get out of it (to the downside) is indicated by yesterday's movement. The first target at 0.7410 is the July 9th low, then the embedded price channel line at 0.7370.

The price settled below both balance and MACD indicator lines, while the Marlin oscillator consolidated in the downward trend area on the four-hour chart. We are waiting for development according to the main scenario. Consolidating above the MACD line, above 0.7470, may once again encourage the price to test the price channel line in the 0.7517 area. Consolidating above it will cancel the main descending scenario.

Analysis are provided by InstaForex