The Australian dollar practically stood still yesterday, hesitating to tackle the MACD line at 0.7322. Such an attempt may take place today and achieving it will provoke further growth to the upper border of the price channel in the 0.7388 area. But with equal probability, the price may turn down from the current levels, since the signal line of the Marlin oscillator may not enter the positive trend zone, or gain a foothold in it.
The price is trying to break out of the resistance of the MACD line on the four-hour chart. But we can only receive a signal for growth when the price breaks through the area above the 0.7326 level, which is the September 10 high and the resistance of the MACD line on the daily chart.
If the price fails to break through the area above the strong resistance of 0.7326, a reversal may follow. Here, the signal level is the September 10 low, settling below it opens the bearish target at 0.7110 - the August 12 low.The material has been provided by InstaForex Company - www.instaforex.com