The Australian dollar expectedly increased yesterday, which turned out to be quite strong, and gained 110 points. A triple divergence practically formed on the daily chart according to the Marlin oscillator.
The Marlin signal line only has a few millimeters left to move up until it actually touches the divergence line. Of course, touching the line is not a prerequisite. The price may grow a little more, just without the mandatory condition of reaching the target level of 0.7190, for today, perhaps tomorrow, we are waiting for a reversal in the medium term. The price falling below the 0.7080 level will be the first signal of such a reversal.
There is a second benchmark for turning the price into a medium-term trend on the four-hour chart – the blue MACD indicator line. Consolidating the price below 0.7040 is a more confident signal for further decline.
The material has been provided by InstaForex Company – www.instaforex.com