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18.03.2020 05:22 AM
Forecast for AUD/USD on March 18,2020

AUD/USD

The Australian dollar lost 94 points on Tuesday, gaining ground at a strong 0.6068 level formed by the 161.8% Fibonacci level and the downward price channel line on the daily scale chart. Now the 0.5850 target is open before the price, which is also formed by the convergence point of the lower line of the price channel and the Fibonacci reaction level of 200.0%.

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A convergence was formed on the four-hour scale chart using the Marlin oscillator. This is a sign that before the price moves to the next bearish goal, the Australian dollar may correct up to the lines that have become resistances – to the Fibonacci level of 161.8% and the price channel line at the price of 0.6068.

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Laurie Bailey,
Analytical expert of InstaForex
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