The Australian dollar remained aloof from European events and fell by only 30 points yesterday. Perhaps the aussie is waiting for commodities or new data on China to decline in order to act more confidently. Iron ore (-0.63%) and a number of non-ferrous metals (nickel -0.32%, lead -0.40%) are among the key products for Australia that are still declining.
The Marlin oscillator has penetrated into the decreasing trend zone on the daily chart. The Australian dollar is aiming for 0.6680, the peak of May 27 and March 9.
The price has been recorded under the balance indicator line on the four-hour chart – the prospect of a downward movement. The Marlin oscillator is on the zero line, waiting for the direction in which the price will swing – in the current situation, Marlin is in a guided position. We are waiting for the situation to develop according to the main downward scenario.
The material has been provided by InstaForex Company – www.instaforex.com