In yesterday's review, we identified the Australian dollar's 0.7007/65 range as free roaming territory. At the moment, the price is approaching the upper level of this range, but the price does not show a clear intention to overcome it - the Marlin Oscillator is weakening and shows a sign of a downward reversal. Success, however, will allow the price to hit the 0.7107 target level, which is the Aug 20 low.
The price is still in a downward trend on the four-hour chart. Even the leading oscillator Marlin has not yet left the negative zone. It will probably do this when the price moves above the 0.7065 level.
But the MACD indicator line is next to the 0.7107 target level, which can slow down the upward movement. Therefore, it will only be possible to count on a medium-term price growth after the price breaks above 0.7107. Overcoming the support at 0.7007 will open the bearish target level of 0.6950.
Today, the Reserve Bank of Australia is publishing a decision on monetary policy, so a strong momentum in any direction is possible.The material has been provided by InstaForex Company - www.instaforex.com