The Australian dollar has been falling for two weeks without a noticeable correction. Yesterday, a convergence on the Marlin oscillator formed on a four-hour chart. Such a correction will probably take place today and on Monday.
A signal to increase to the target level of 0.6779 – the peak of January 29 and the resistance of the MACD line, will be the price exit above the level of 0.6735 – support on January 28 and 29 and the Fibonacci level of 161.8% on the daily chart. At daily target level 0.6779, the Fibonacci level is 138.2%.
Consolidating the price below yesterday’s low will continue the downward movement to the support of the price channel line at daily (0.6642) or even slightly lower, to the Fibonacci level of 223.6% (0.6624), where we are already waiting for a more likely correction.
The material has been provided by InstaForex Company – www.instaforex.com