The Australian dollar lost 94 points yesterday, and it did not have the strength to overcome the signal level of 0.6078. The signal line of the Marlin oscillator moves along the boundary dividing the growth zone from the decreasing trend zone, it still lacks the initial momentum to turn down.
Obviously, such an impulse will appear when the price overcomes the signal level of 0.6078. In this case, the 0.5834 target will open – an embedded line of the price channel. Before a price reversal, another small upward movement is possible in the 0.6215/40 range, formed by the line of the price channel and the Fibonacci level of 61.8%.
On a four-hour chart, a possible exit of the price up to the specified range will mean the formation of a double divergence on the Marlin oscillator. Leaving the price under the signal level of 0.6078 will send the aussie to 0.5834. The MACD line in the area of 0.5915 is the intermediate support here.
The material has been provided by InstaForex Company – www.instaforex.com