FX.co ★ Forecast for AUD/USD on March 10, 2020

AUD/USD

Yesterday's range of the Australian dollar was an incredible 370 points. After a collapse of 320 points in the four hours since the market opened, the price subsequently soared up, blocked the gap, and today in the Asian session it again shows its intention to decrease.

Computer indicators returned to normal. Yesterday's peak touched the balance line on the daily scale chart (red indicator). The Marlin oscillator is held in the zone of negative values – in the area of a decreasing trend. It is noteworthy that yesterday closed under the price channel line and today opened also under this line, near the corrective level of 76.4% (in fact, 23.6%, since the grid is inverted). We are waiting for a price drop to the lower embedded line of the price channel – in the area of the minimum of February 28 (0.6440).

As seen on the four-hour scale chart, the price breaks under the MACD line (0.6565). Fixing below the level will serve as a signal for further decline. The signal line of the Marlin oscillator unfolds from the border with the growth territory.