FX.co ★ Forecast for AUD/USD on March 11, 2020

AUD/USD

Yesterday, Australian Prime Minister Scott Morrison expressed concern about the stronger impact on the Australian economy of an outbreak of coronavirus than it was from the US crisis in 2008. The government is preparing multi-billion dollar incentive measures. But while the package is being prepared, under the influence of the general strengthening of the US dollar, the aussie lost 93 points yesterday. Today, the Australian stock index S&P/ASX 200 is down 2.13%. The Westpac March Consumer Sentiment Index fell 3.8% versus a -0.4% forecast.

The Marlin oscillator is in a downward position on the daily chart, the price is trying to maintain the embedded price channel line at 0.6440, which is near the February 28 low. Overcoming the support opens the 0.6295 target - the Fibonacci reaction level is 123.6%.

The price has consolidated under both indicator lines on the four-hour chart, the red balance line, which shows the priority of market sentiment and the blue MACD line, which is an indicator of the trend. The Marlin oscillator is developing in the zone of negative values. We are waiting for the development of a downward trend. The immediate task for the aussie is to consolidate under the level of 0.6440.