On Tuesday, the Australian dollar grew by 34 points, following the general direction of the European currencies. The aussie’s growth was stopped by the resistance line of the Krusenstern daily scale (0.7173). Consolidating the price above the level opens a target of 0.7243 – the upper limit of the daily price channel.
But on the four-hour chart, a double convergence was formed with the Marlin oscillator, which is a sign of a price reversal from current levels. Estimated reversal might support the Krusenstern line on H4 (0.7105), that is, to a low of yesterday, or even deeper, to support the price channel line of the daily chart at 0.7010.
The probabilities of both options for the development of prices are equal.
The material has been provided by InstaForex Company – www.instaforex.com