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Forex Analysis & Reviews: Forecast for AUD/USD on August 8, 2022
time 08.08.2022 04:51 AM
time Relevance up to, 09.08.2022 04:43 AM

On Friday, the Australian dollar managed to overcome the support of the MACD indicator line on a daily scale. Today opened below the MACD line, which opens up the aussie's plan for the main downside scenario - further advance to the target level of 0.6830 (May 12 low).

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The signal line of the Marlin Oscillator is a little late with the transition under the zero line, this circumstance may delay the price's downward movement for several hours.

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The price has already formed a convergence with the Marlin Oscillator on the H4 chart, which contributes to the delay in the decline. But in general, convergence does not cancel a strong downward price movement. For such a cancellation, the price needs to do a very difficult thing - to settle above the MACD line (0.6980).

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2022
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