Forecast for AUD/USD on Oct 21, 2019

Posted On 21 Oct 2019

AUD/USD

The Australian dollar was able to gain a foothold over the strong resistance zone from trend lines and indicator lines and rushed to the upper boundary of the blue price channel (0.6896). Good Friday data on China provided help; GDP for the third quarter amounted to 6.0% YOY against the expected 6.1% YOY, but industrial production in September increased from 4.4% YOY to 5.8% YOY against forecast 5.0% YOY, retail sales in September increased from 7.5% YOY to 7.8% YOY.

On the four-hour chart, the signal line of the Marlin oscillator slowly continues to grow. Even if it turns down, the market will have enough energy to continue growing and fully develop the price channel. The exit of the aussie from the blue price channel will open up new upward prospects.

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Source:: Forecast for AUD/USD on October 21, 2019

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