On Tuesday, the Australian dollar managed to break away from the daily MACD line and was able to rise above the target level of 0.6627. This morning, the price is staying exactly at this level, while the Marlin oscillator is slightly moving downwards. Good prospects lie ahead: 0.6690, 0.6730, 0.6780, 0.6874.
Tomorrow’s European Central Bank meeting, which is expected to be “soft”, or even “aggressively soft”, may hinder the aussie from realizing these plans, and in this case, counter-dollar currencies will fall. For the AUD/USD pair, the price will consolidate below the MACD line (0.6600) and continue to fall towards the target level of 0.6480. Next, the target will be 0.6410.
On the 4-hour chart, the price stopped rising at the target level of 0.6627. A divergence pattern has formed with the Marlin oscillator (during brief corrections, the divergence pattern transforms into a channel), indicating increased pressure on the price. If the quotes fall below the daily MACD line (0.6600), the price will be able to move towards the H4 MACD line and even reach the 0.6560 target.
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD
On Tuesday, the Australian dollar managed to break away from the daily MACD line and was able to rise above the target level of 0.6627. This morning, the price is staying exactly at this level, while the Marlin oscillator is slightly moving downwards. Good prospects lie ahead: 0.6690, 0.6730, 0.6780, 0.6874.
Tomorrow’s European Central Bank meeting, which is expected to be “soft”, or even “aggressively soft”, may hinder the aussie from realizing these plans, and in this case, counter-dollar currencies will fall. For the AUD/USD pair, the price will consolidate below the MACD line (0.6600) and continue to fall towards the target level of 0.6480. Next, the target will be 0.6410.
On the 4-hour chart, the price stopped rising at the target level of 0.6627. A divergence pattern has formed with the Marlin oscillator (during brief corrections, the divergence pattern transforms into a channel), indicating increased pressure on the price. If the quotes fall below the daily MACD line (0.6600), the price will be able to move towards the H4 MACD line and even reach the 0.6560 target.
The material has been provided by InstaForex Company – www.instaforex.com
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