On Wednesday, the Australian dollar went up from the savings range of 0.7340/90 and now it becomes a support for the price. As a result, it may overcome the target level of 0.7445 (July 2 low) in the near future. After the price consolidates above this level, growth is likely to continue towards the target level of 0.7566 (February 2 low).
On the four-hour chart, the price rally is weakly supported by the Marlin Oscillator. Visually, the signal line develops sideways, going below the zero line for a short time. Probably, before the attack on 0.7445, the price will still make some preparation with the oscillator discharge. This could be a return to the 0.7340/90 range as a correction from all the gains since September 30th.
The material has been provided by InstaForex Company - www.instaforex.com