On Friday, the Australian dollar managed to gain a foothold over the correction level of 23.6%, which creates the probability of continuing growth to the next correction level of 38.2% at the price of 0.6832. The signal line of the Marlin oscillator increases. Fixing above this level can develop a deeper correction of the “Australian” to 50.0%, in the area of 0.6892, to which the two lines of price channels converge.
As seen on the four-hour chart, the price fixed above the indicator lines of balance (red) and MACD (blue), the Marlin oscillator is also in the growth zone. Formally, of course, the price growth with the nearest target of 0.6832, but Marlin oscillator did not form any reversal formations at the time, they are not even on a half-hour scale, respectively, the current growth is short-term, and the consolidation of the price under the MACD line (0.6770) can return the Australian dollar to a falling channel. Downward targets: 0.6737 – the red line of the price channel, 0.6684 – the blue line of the price channel with a Fibonacci level of 0.0% (minimum August 7).
The material has been provided by InstaForex Company – www.instaforex.com