The Australian dollar took advantage of the temporary weakness of the US dollar and corrects from the fall of January 2-8. Before the resistance of the embedded line of the price channel at around 0.6923, about 10 points remained. We are most likely to expect a downward movement from this resistance, towards 0.6867 targets – towards the MACD line, and towards 0.6825 – towards the price channel line.
The signal line of the Marlin oscillator is trying to cross the boundary with the territory of the bulls, in the case of working out the specified goal and the price reversal, the signal line of the oscillator will receive a turn exactly from the boundary.
On the four-hour chart, the expected target of 0.6923 coincides with a correction of 38.2% and the MACD line. The resistance is strong.
The material has been provided by InstaForex Company – www.instaforex.com