Forex Analysis & Reviews: Forecast for AUD/USD on March 24, 2021

AUD/USD
This morning, the Australian dollar reached its first target set at 0.7615, after losing 114 points yesterday. The main impulse was the New Zealand dollar, which declined by 150 points due to the introduction of budgetary measures to curb the growth of real estate prices.

On the daily chart, Marlin Oscillator's signal line began to slightly turn. This suggests that the correction can be either from the reached level of 0.7615 or from the lower target level of 0.7565 (low of February 2). Regardless, the downward trend has already started, so we will wait for the price at the levels of 0.7500 and 0.7375.

The price in the H4 chart is making an attempt to break through the support level of 0.7615, with the Marlin oscillator moving down. A consolidation below which will lead the quote to the 0.7565 mark. After that, we can expect a fair correction to eliminate the oscillator from the oversold zone.

Analysis are provided by InstaForex