On Tuesday, the Australian dollar fell by 70 points, reaching support for the MACD line on the daily chart. Yesterday, the price tried to overcome this support, but failed and there is a slight correction from it this morning. Overcoming the MACD line (0.6862) will likely pull down the price to support the embedded line of the downward price channel to the area of 0.6830, where we are waiting for another correction before dropping to a January 3, 2019 low of 0.6659, when a flash-crash happened – an instant collapse. The price line will be waiting for the embedded price channel line in the area of the specified target.
There is a slight consolidation at the level of 0.6862 on the four-hour chart, at the end of which the development of support at 0.6830 is likely.
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