The Australian dollar rose 32 points on Wednesday, close to the strong resistance of 0.7190, formed by the extremes on July 22, August 13, September 9. The signal line of the Marlin oscillator reached the upper border of its own descending channel, it is possible that a signal line would reverse, and the price will not reach the 0.7190 level. If the price settles above the resistance, the price may continue to grow to the target level of 0.7270. The probability of such a development of events is 30-35%.
A stable upward trend in the short-term remains on the four-hour chart. Here, the price intends to fight the resistance at 0.7190 and it is more clearly visible. In case the price rapidly pulls back from this level, the signal line of the Marlin oscillator could stay within the current channel during the daytime. We are waiting for the development of events.
The material has been provided by InstaForex Company - www.instaforex.com