The Australian dollar gained 9 points yesterday on the back of a 0.28% drop in the US dollar index. On the daily scale chart, only the Marlin Oscillator indicates a potential reversal, but for a complete understanding of the situation, the price must rise above the MACD line, above the level of 0.7332. In this case, the target level 0.7414 will become real.
On the four-hour scale, the double convergence of the price with the Marlin Oscillator took place. This is a qualitative sign of an upward price reversal. The second sign will be the price exit above the MACD line, and until that moment the price has only a few points left, and the exit of the signal line of the oscillator into the positive area. These two actions are likely to happen in sync, which will amplify the signal. It is desirable for the price to settle above the MACD line; a signal may be a price exit above yesterday's top 0.7294.
The material has been provided by InstaForex Company - www.instaforex.com