The Australian dollar began the new trading week with a decline, and the opening of trading took place with a falling gap under the MACD indicator line on the daily chart.
The Marlin Oscillator is pointing down. The price is likely to reach the closest level at 0.7223 (Aug 27 low) before turning up to close the gap. A breakthrough above the 23.6% Fibonacci level at 0.7320 will open the first bullish target at 0.7450, set by the 38.2% Fibonacci level.
On the four-hour chart, the price is approaching support at 0.7223 with the declining Marlin Oscillator. We believe that this movement has the basis of free roaming due to investors' withdrawal of orders on Friday, when the expiration of futures contracts for shares took place, so we still expect the gap to close this evening or tomorrow. Today is a holiday in Japan and China.The material has been provided by InstaForex Company - www.instaforex.com