The Australian dollar fell by 19 points on Monday, below the balance indicator line. The signal line of the Marlin oscillator moves along the boundary with the zone of negative numbers. The situation on the daily chart looks neutral – the aussie can grow to the price channel line at 0.6865 and with the same probability, a fall to the MACD line to the area of 0.6800. Leaving the price under the MACD line opens the target of 0.6705 – supporting the embedded line of the red price channel.
The price is above the MACD line on the four-hour chart, but Marlin has already “dived into the water” – a line in the zone of negative numbers. A declining scenario becomes more likely here. The first signal to strengthen it will be the price drift below the MACD line (0.6815). Consolidation at 0.6800 will strengthen the downward local trend.
The material has been provided by InstaForex Company – www.instaforex.com