As a result of yesterday, the Australian dollar showed an increase of 18 points and this morning this growth has already been covered by a decline. All the action takes place under the MACD indicator line on the daily scale chart. The Marlin Oscillator is declining.
Consolidating below 0.7223 (August 27 low) opens the way to 0.7065, but depends a lot on external markets, it is very possible that the price will turn up without reaching this level.
If the price settles above the daily MACD line, that is, above 0.7260, the price may move to the range of accumulation in July-August to the price area of 0.7360.
A three-day consolidation with a height of 60 points above the support of 0.7223 has formed on the four-hour chart. It is likely that support will still be overcome. This alternative scenario is hindered by price convergence with the Marlin oscillator. It remains to wait another day to see the market selection.The material has been provided by InstaForex Company - www.instaforex.com