Forecast for AUD/USD on October 20, 2023

AUD/USD

The Australian dollar continues to consolidate within the 0.6295-0.6388 range, and this consolidation is increasing the bearish potential every day as the Marlin oscillator's signal line tilts downward in a triangle.

Consolidating below the level of 0.6295 means that the next target will be 0.6171. To initiate an upward movement, the price should rise above the MACD line around 0.6426. The first target will be 0.6514, followed by 0.6612.

A downtrend on the 4-hour chart, and there's a low chance of a reversal. The first sign of a reversal would be the price surpassing the previous day's high of 0.6359, which would automatically lead to breaching the MACD line. We await further developments.

Analysis are provided by InstaForex

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