The Australian dollar rallied alongside other counter-dollar currencies last Friday. The movement started from the target level of 0.7120, but it is very difficult to determine where it will end, there are many strong levels on the way, the closest of which is 0.7190. Without the price breaking above the balance indicator line (red), the price can reach the target range of 0.7233/55, and this growth will still be considered corrective. The price must go beyond the balance line for a solid upward movement. The Marlin oscillator has moved into growth territory, which also gives the price some upside potential with overcoming the first target level.
The four-hour chart shows that the price went above the MACD line for the second time in the last 24 hours, and the price never fell below the balance line. Marlin is developing in a range, but it is in a positive trend zone and still has the potential to move up. We expect the Australian dollar to continue growing in the short term.
The material has been provided by InstaForex Company - www.instaforex.com