FX.co ★ Forecast for AUD/USD on March 31, 2020

AUD/USD

The Australian dollar rose by eight points on Monday, continuing to consolidate before the embedded line of the red price channel. The signal line of the Marlin oscillator has slightly moved into the zone of positive values, but while this is not a signal for growth, a reversal can occur directly at the boundary of trends or just above it by natural fluctuations. There are no other signs of an expected reversal. When the price overcomes the Fibonacci level of 61.8% (0.6240), the 0.6410 target opens – the point of intersection of three lines: the Fibonacci level of 76.4%, the price channel line and the MACD indicator line, where it now aims. In case of a reversal, the target of the movement is the embedded line of the price channel at 0.5838.

The divergence across Marlin took place on the four-hour chart, but the price is in no hurry to follow it. A slight price growth is possible (limited by the Fibonacci level of 61.8% on the daily chart), and then the divergence will become double, which will further raise the downward pressure.

With overcoming the signal level of 0.6078, it is possible to open short positions with the 0.5838 target, s/l above the top of the current day. Opening long positions is associated with increased risk, but is possible with the price taking above 0.6240, aiming for 0.6410, s/l below the low of the current day.