FX.co ★ Forecast for AUD/USD on March 24, 2020

AUD/USD

On Monday, the price managed to gain a foothold above the Fibonacci correction level of 23.6% of the entire movement on March 9-19. The price overcame the resistance of the embedded line of the price channel and approached the correction level of 38.2% today in the Asian session. Overcoming the level opens the goal of 0.6095 , which corresponds to a correction of 50.0%.

On the four-hour chart, the main obstacle for the price to continue the correction is the MACD line at 0.5982, which is also close to the 38.2% correction level on the daily chart. The signal line of the Marlin oscillator has turned from the border separating the growth zone from the declining trend zone, which gives the price the confidence in continuing growth .