The Australian dollar lost 60 points on Tuesday, under strong pressure from related markets. The price settled below the MACD indicator line on the daily chart. The target is open at 0.7110 (August 12 low), then the price can continue falling to the embedded line of the price channel in the 0.7005 area.
Let us retest the MACD line from below (0.7292) in the current situation, since leaving the area under this line was sudden, but the probability of such a retest isn't that high.
The price along with the oscillator is already converging on the four-hour chart. This is a sign of a correction. In the event of a slowdown in the decline of commodity markets, or even a correctional growth (oil fell by 5.73% in WTI yesterday, to $36.83), a correctional growth in the accumulation range of September 4-7 is possible, which also corresponds to the resistance of the MACD line on the daily timeframe. This goal may not be achieved and the correction will take the form of another narrow consolidation. But in any case, we are waiting for the price to reach 0.7110 in the coming days.The material has been provided by InstaForex Company - www.instaforex.com