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Forex Analysis & Reviews: Forecast for AUD/USD on August 10, 2022
time 10.08.2022 05:08 AM
time Relevance up to, 11.08.2022 04:05 AM

The Australian dollar fell by 25 points on Tuesday, but the rise in prices on Monday was so great that the upside potential has not yet been squandered. The probability of growth to the level of 0.7037 is about 45%.

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Consolidating under the nearest support at 0.6950 will reduce this probability to 35%, and the price going below the MACD line (0.6914) opens the way to the target support at 0.6830, which is most likely to be overcome.

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The price shows an intention to reverse from the support of 0.6950 on a four-hour scale, and at the same time, the signal line of the Marlin Oscillator is turning up from the zero line. The exit of the price above the MACD line, above the level of 0.6985, will confirm the seriousness of the price in this intention. If the price consolidates below 0.6950, then the upside potential will show weakness, the price will reconfigure for a decrease to 0.6914.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2022
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