AUD / USD pair
The Australian dollar reached a target of 0.6866 (defined at least on May 17) and set off to corrective growth this morning after an eight-day fall. The targets for growth are the nested lines of price channels on the daily chart at 0.6910 (red line price channel) and 0.6933 (blue line price channel), which is reinforced by the MACD indicator line (blue indicator) located near it.
On the four-hour chart, a convergence with the Marlin oscillator is formed. We are waiting for the continuation of corrective growth. The MACD line is aiming for the second target at 0.6933, which also increases resistance on the four-hour scale. From this level we expect the price to turn downward.
The material has been provided by InstaForex Company – www.instaforex.com