In the past two days, the Australian dollar has approached the target support range of 0.6783/98 twice. This morning, it is making a third attempt. Breaking through the range will allow the price to aim for the intermediate level of 0.6708 (July 4th high), and surpassing that level opens up the possibility of a deeper target at 0.6560.
If a reversal occurs from 0.6783/98, the pair can reach the 0.6940 target. We expect the decline or growth to end in early August, as indicated by Fibonacci time period line number 8.
On the four-hour chart, the price will also need to contend with a new support level – the balance indicator line. If successfully breaking through the range, the balance line will automatically be overcome, providing momentum for further decline. The first support on the path towards 0.6708 is the MACD line around 0.6740. Marlin in the bearish territory is in the sellers’ favor.
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD
In the past two days, the Australian dollar has approached the target support range of 0.6783/98 twice. This morning, it is making a third attempt. Breaking through the range will allow the price to aim for the intermediate level of 0.6708 (July 4th high), and surpassing that level opens up the possibility of a deeper target at 0.6560.
If a reversal occurs from 0.6783/98, the pair can reach the 0.6940 target. We expect the decline or growth to end in early August, as indicated by Fibonacci time period line number 8.
On the four-hour chart, the price will also need to contend with a new support level – the balance indicator line. If successfully breaking through the range, the balance line will automatically be overcome, providing momentum for further decline. The first support on the path towards 0.6708 is the MACD line around 0.6740. Marlin in the bearish territory is in the sellers’ favor.
The material has been provided by InstaForex Company – www.instaforex.com
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