So, the US inflation data on Tuesday and yesterday’s Federal Reserve meeting pushed the locally overbought Australian dollar above the target level of 0.6810. Since this level is strong, yesterday’s growth corresponds to the overall market movement, and this morning we can see that the price has slightly fallen from the resistance level.
The Marlin oscillator is turning downwards on the daily chart, but clearly, the price needs external support. We are waiting for the market’s reaction to the results of the European Central Bank meeting today. We will learn about further growth if the price consolidates above 0.6810 (target 0.6873), and a break of the ascending trend will be indicated by the price breaking below the support level of 0.6730.
On the 4-hour chart, the Marlin oscillator is moving sideways in a narrow range, which is a sign of a downward breakout of this range. The price needs to overcome yesterday’s low at 0.6759. After that, we can expect the price to attack 0.6730, where the MACD indicator line is approaching and strengthening it.
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD
So, the US inflation data on Tuesday and yesterday’s Federal Reserve meeting pushed the locally overbought Australian dollar above the target level of 0.6810. Since this level is strong, yesterday’s growth corresponds to the overall market movement, and this morning we can see that the price has slightly fallen from the resistance level.
The Marlin oscillator is turning downwards on the daily chart, but clearly, the price needs external support. We are waiting for the market’s reaction to the results of the European Central Bank meeting today. We will learn about further growth if the price consolidates above 0.6810 (target 0.6873), and a break of the ascending trend will be indicated by the price breaking below the support level of 0.6730.
On the 4-hour chart, the Marlin oscillator is moving sideways in a narrow range, which is a sign of a downward breakout of this range. The price needs to overcome yesterday’s low at 0.6759. After that, we can expect the price to attack 0.6730, where the MACD indicator line is approaching and strengthening it.
The material has been provided by InstaForex Company – www.instaforex.com
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