Yesterday, the Australian dollar remained almost unchanged by the end of the day. The price is above the balance indicator line, the Marlin oscillator is in the sideways direction. Like the day before, the price continues to be in a comfortable accumulation range from July 19 to August 16. An upward movement is most likely to follow from it. The first target is the 38.2% Fibonacci level at 0.7450. Consolidating above the level opens the second target at 0.7558 - Fibonacci level 50.0%.
The price winds up on the MACD axial indicator line on the four-hour chart. This winding up will end soon; if the price breaks above the signal level of 0.7396 - yesterday's peak, opens the first target of 0.7450. This is the main scenario. A decline below Wednesday's low (0.7346) will lead the price to support the MACD line on a daily scale of 0.7290.
The material has been provided by InstaForex Company - www.instaforex.com