Bears on the Australian dollar appear to be in control. The AUD/USD pair is steadily approaching the target level of 0.6425, with the Marlin oscillator pointing downwards. The current situation on the daily chart does not indicate a high probability of an alternative (bullish) scenario unfolding.
However, such a sign exists on the four-hour chart. This is the convergence between the price and the Marlin oscillator and the oscillator ready to move into the positive area.
If the price goes through a corrective growth, the first resistance level will be the MACD line (0.6534). Further ahead, the price will encounter the target level of 0.6567, the low of March 10th. We can confirm the decline once the price surpasses yesterday’s low at 0.6461.
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD:
Bears on the Australian dollar appear to be in control. The AUD/USD pair is steadily approaching the target level of 0.6425, with the Marlin oscillator pointing downwards. The current situation on the daily chart does not indicate a high probability of an alternative (bullish) scenario unfolding.
However, such a sign exists on the four-hour chart. This is the convergence between the price and the Marlin oscillator and the oscillator ready to move into the positive area.
If the price goes through a corrective growth, the first resistance level will be the MACD line (0.6534). Further ahead, the price will encounter the target level of 0.6567, the low of March 10th. We can confirm the decline once the price surpasses yesterday’s low at 0.6461.
The material has been provided by InstaForex Company – www.instaforex.com
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