On Monday, the Australian dollar entered the target range of 0.7414/45, and this morning it has already returned back down from it.
There was no consolidation in the range, the price gets an opportunity to reach the support of the MACD line in the area of 0.7330. With the Marlin Oscillator, in this case, a double convergence will be formed. Only if the price breaks above the upper border of the 0.7414/45 range will be a sign of further price growth towards the 0.7566 target.
On the four-hour chart, the price is in a downward position. The last clue - the transition of Marlin to the positive region has melted - Marlin returns to the negative region. A further decline towards the MACD line on the daily chart is likely.
The material has been provided by InstaForex Company - www.instaforex.com