Forecast for AUD/USD on January 5, 2021

AUD/USD


The Australian dollar lost around 40 points yesterday, stopping exactly at the December 17 high of 0.7641. We took this level in the last review as a signal to switch to a downward short-term trend with the target of 0.7465. Testing this level confirms its significance.


The signal line of the Marlin oscillator stopped at the lower border of its own downward channel. Obviously, the market did not have enough strength to continue yesterday's trend. Buyers, albeit short-term speculators, still believe in the positive development of risky and commodity currencies, although oil fell by 1.74% (CL) yesterday . We expect the price to drop below the signal level and move towards the target of 0.7465 (December 21 low).


The four-hour chart shows that the price slightly pierced the MACD line and rebounded off the signal level of 0.7641. The Marlin oscillator has entered the downward trend zone and is staying there this morning. We are waiting for the price's second attempt to overcome support at 0.7641.



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