AUD / USD pair
On Thursday, the Australian dollar reached the upper limit of the price channel after a slight turn over 0.7040. Hence, the marking of the downward channel on the daily scale chart changed slightly.
At the moment, a daily divergence has been formed on the Marlin oscillator, which increases the likelihood of a downward turn of the price into the medium-term timeframe. The immediate target is the strong support area for the trend line and the MACD line at 0.6944.
Growth is possible after overcoming the price of yesterday’s high and continue to the Fibonacci level of 138.2% at 0.7112. The possibility of such a scenario allows for a completely rising situation on the four-hour chart and the price is above all indicator lines and Marlin is in the growth zone. In this case, the divergence on the daily chart is formed again into a rising trend in the signal line.
The material has been provided by InstaForex Company – www.instaforex.com