Forecast for AUD/USD on December 8, 2021

The Australian dollar gained 67 points due to yesterday's optimistic tone of the accompanying statement from the Reserve Bank of Australia meeting. The target level of 0.7107 was surpassed, this morning the price continues to grow, the target is the level of 0.7171 - the September 29 low. Overcoming this level will open the second target of 0.7227.

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The level of 0.7171 may turn out to be a reversal, since at about the same time the signal line of the Marlin Oscillator will reach the border with the growth territory and there is a risk of the indicator reversing from it. As a result, the price may return to 0.7007 (if it wants to update the one and a half year low), or roll back to 0.7065, if it still intends to continue its mid-term growth.

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The price settled above the balance and MACD indicator lines on the four-hour chart. The Marlin Oscillator has slightly slowed down its growth, but it retains the potential to move upward. Most likely, the target level 0.7171 will be reached.

The material has been provided by InstaForex Company - www.instaforex.com

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