The Australian dollar gained 62 points on Friday, breaking the 38.2% Fibonacci retracement level (correspondingly the first target level) and entered the consolidation range on July 12-17.
The price has been quickly rising since the last three days, it is possible to expect a repeat of the consolidation in the 0.7430/90 range. Consolidation will also help discharge the Marlin oscillator and open a way out of the overbought zone. Further, we are waiting for the aussie to continue rising to the Fibonacci level of 50.0% at the price of 0.7558.
The price is consolidating at the target level of 0.7452 on the four-hour chart, the sideways movement of the oscillator is holding back the pair's growth. Now the price is forming a consolidation sideways trend before further upward movement.The material has been provided by InstaForex Company - www.instaforex.com