Forecast for AUD/USD on Mar 12, 2020

Posted On 12 Mar 2020

AUD/USD

The Australian dollar fell by only 5 points on Wednesday, the market took a rest for a bit, and is now preparing to continue the decline, as the first target level of 0.6440 remained a few points and technical indicators show the intention of the price to decrease.

The 0.6440 support is represented by the point of convergence of the embedded price channel line and the 100.0% Fibonacci level on the daily scale chart. Leaving the price below it opens the target of 0.6295-the Fibonacci level of 123.6%.

On a four-hour chart, the price drops below the indicator lines, and the Marlin oscillator develops in its own descending channel, turning down from its upper boundary.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Forecast for AUD/USD on March 12, 2020

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