The Australian dollar dropped 43 points on Friday, 19th November, hitting the target level of 0.7227 at the low of the day. Now the price has two possible options: turn into corrective growth, settle below the reached level and continue to decline to the target of 0.7107 - to the low on August 20. If the price settles above the MACD indicator line, above the level of 0.7330, then the growth will continue to the target level 0.7414, probably with the intention of a mid-term increase.
On the four-hour timescale, the price double convergence with the Marlin Oscillator persists, which increases the likelihood of a corrective growth. With the price breaking above the MACD line, above 0.7265, we expect local growth to the level of 0.7330. To consolidate the price below the level of 0.7227, it is necessary to wait for the close of the day below this level, which means an increased risk of selling today.
The material has been provided by InstaForex Company - www.instaforex.com