20.08.202405:28 Forex Analysis & Reviews: Forecast for AUD/USD on August 20, 2024

Relevance up to 23:00 2024-08-20 UTC--4

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The Australian dollar has accelerated its rise, surpassing the 0.6727 level. The price is now close to reaching the upper boundary of the price channel at 0.6747.

If speculators' optimism continues in the same spirit, the descending channel will be invalidated, and the price will aim for the 0.6800 level—the peak of July. In the 4-hour chart, the price is starting to consolidate above the 0.6727 level.

The Marlin oscillator is also likely to be moving sideways. As Marlin enters the overbought zone on both charts, we expect a price reversal into a deep correction from either the 0.6747 or the 0.6800 level.

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