On Wednesday, the US dollar index rose 0.19% on closing positions ahead of today's European Central Bank meeting. The Australian dollar lost 20 points there. At the moment, the price is in the range of the three-week consolidation of July-August, therefore, the price reversal to the upside, if the ECB's super soft policy is announced, may occur without preliminary working out any support, for example, the Fibonacci level of 23.6%, since the accumulation range itself is a range of support. We are waiting for the aussie to rise to the nearest target of 0.7452. A price breakthrough above this level opens the second target at 0.7558 - 50.0% Fibonacci level on the daily chart.
The price is staying on the MACD indicator line on the four-hour chart. The signal line of the Marlin oscillator lies sideways in the lower half of the indicator - with the highest probability of an upward reversal.
We can talk about breaking the upward trend after the price drops below the MACD line on the daily scale, below the level of 0.7290.The material has been provided by InstaForex Company - www.instaforex.com