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

AUD/USD

The value of the Australian dollar fell by 43 points on Thursday and, finally, we waited for a triple price divergence to form with the Marlin oscillator. Now we have nothing more to expect, except for consolidating the price below the target level of 0.7075 and further pulling down AUD/USD to the designated target levels on the daily chart: 0.6900, 0.6745, 0.6600.

But despite our optimism, the price can still enter the target range of 0.7190-0.7225 so that the signal line of the Marlin oscillator slightly goes above the divergence line and returns back under it, as it was on June 8 – this moment is indicated on the oscillator window by a gray oval.

The Marlin signal line tries to enter the negative zone on the four-hour chart. After this, it will be much easier for the price to overcome the support of the MACD line, around 0.7075. Consolidating the price under this line will send the quote to the MACD line on the daily scale, to the level of 0.6900.

So, we are waiting for developments.