The Australian dollar was unable to develop a downward movement, as it is under pressure from related markets. The dollar index fell 0.20%, copper rose 0.66%, while oil climbed 1.82%. At the moment, AUD/USD is quoted in the range it was in on Wednesday, staying below the MACD indicator line on the daily chart.
At the same time, the price does not go below the red balance indicator line, which indicates that the market is still interested in growth, and this also explains why the Australian currency has been growing very slowly over the past week. But the situation regarding a downward reversal persists throughout this week. In order to do this, the price needs to overcome the first target (0.7249), which it failed to do yesterday.
The price went above the MACD line on the four-hour chart, but the line itself is moving with a barely noticeable slope, almost horizontally, which means the price is also neutral. With the same ease, the aussie can continue the sine wave for several more days. The same remark applies to the Marlin oscillator, which is in a neutral position. In general, we expect the pair to fall towards the 0.7065-0.7110 range, but this may happen in two weeks.The material has been provided by InstaForex Company - www.instaforex.com