On Monday, the Australian dollar traded in a wide range of 60 points ahead of resistance at 0.7445. The daily trading volume was higher than on the 14th and 15th. This was probably a short sell-off before the key level so that the market could continue its rally towards the 0.7566 target (Feb 2 low) with renewed vigor.
On the four-hour scale, the signal line of the Marlin Oscillator turned up yesterday from the lower border of its own consolidation, marked on the chart in gray. And this despite the fact that at the same time a false departure of the signal line under the zero line was committed. Taken together, this pattern is a signal for continued growth.
So, consolidating above the level of 0.7445 at H4 will be a signal for further growth to the target level of 0.7566.The material has been provided by InstaForex Company - www.instaforex.com