FX.co ★ Forecast for AUD / USD pair on August 6, 2019

AUD / USD pair

After a twelve-day continuous decline, the Australian dollar corrected from supporting nested price channel line in today's Asian session. Continuation of growth is seen to the Fibonacci level of 23.6% of the entire previous fall at the level of 23.6% Fibonacci, which coincides with the minimum of June 18.

On the four-hour chart, the signal line of the Marlin oscillator still remains in the zone of negative numbers. The MACD line (blue) is approaching the price above. The price meeting from the MACD lines may occur at the level of 0.6832, from which, naturally due to the strength of this technical level, a price reversal may occur during a medium-term decline. The target of 0.6686 is to support the embedded line of a steeper price channel (blue).