The Australian dollar was down 39 points yesterday, and this movement was enough for the signal line of the Marlin Oscillator to work out the neutral zero line on the daily scale.
Now an upward reversal is planned from this border (arrow). But the aussie has not enough strength to grow, in general the price is decreasing along the line of the price channel, and if the price moves below the August 10 low (0.7317), it may drop to the target level of 0.7244. Growth may develop to target levels 0.7520 and 0.7590 only when the price rises above the MACD line, above 0.7405.
The situation for the pair is even weaker on the four-hour chart. The price is below the balance and MACD indicator lines, the Marlin oscillator returned to negative territory yesterday. At the moment, the price is at an equal distance from the bearish signal level of 0.7317 and from the MACD line (0.7360), the transition above which will be a signal to attack the MACD line of the higher timeframe at 0.7405. We can only wait for the development of the situation.The material has been provided by InstaForex Company - www.instaforex.com