In the previous review, we wrote that the Australian dollar will leave the consolidation range of 0.7065-0.7110 in the coming week, but it did it on Friday. Nevertheless, the signal line of the Marlin oscillator is turning to the upside and the price may return to this consolidation range.
The Marlin oscillator has formed a weak convergence on the four-hour chart, but its potential is enough for the price to return to the area above the 0.7065 level, and the signal line will already be in the growing trend zone, which will contribute to the price delay before moving to 0.6970. The price of oil is also consolidating in last week's range of 39.10-40.70, serving as a reference point for other commodities. We are waiting for the aussie's correction to end and the quote to fall to 0.6970.
The material has been provided by InstaForex Company - www.instaforex.com