Forecast for AUD/USD on March 30, 2020

AUD/USD
The Australian pound grew by 122 points on Friday, with the upper shadow marking the enclosed line of the price channel. Today in the Asian session there is an intention of the price to move down from the achieved resistance. The signal line of the Marlin oscillator also touched the boundary with the growth territory and turns around from it. The purpose of the decline, in the case of a confirmed reversal, becomes the underlying price channel line in the region of 0.5838.



The price exit above Friday's high could extend the aussie's growth to the upper embedded line of the price channel at the intersection with the Fibonacci level of 76.4% at 0.6410. The MACD line also tends to this point.



On the four-hour chart according to Marlin, a double divergence has formed, the sign of a reversal has strengthened.

Trading recommendations. It is advisable to open sales directly from current levels with consolidating profit in front of the level of 0.5838, S/L 0.6206. If the price goes above 0.6206, we buy with a target in front of the level of 0.6410, S/L 0.6113.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided byInstaForex.