Last Friday, the dollar managed to close above the enclosed line of the red descending price channel and above the indicator line of the balance. This helped the price to positively continue to grow in the Asian session today. It is likely that the price will be able to reach the control and target level of 109.30, which is a high of October 30. Consolidation above it will allow the price to work out the resistance of the green price channel in the region of 109.90. The signal line of the leading Marlin oscillator is not in a hurry to get ahead of the price, it follows the price exactly and is still located on the territory of the bears, this indicates cautious growth, apparently driven, as it repeats the movement of stock indices. On Friday, the S&P 500 grew by 0.22% after the previous three-day decline. The Nikkei 225 is growing by 0.89% in the Asian session today.
On a four-hour chart, the price has consolidated above both indicator lines – the balance and MACD lines. The Marlin oscillator in the growth zone. We are waiting for the price at the nearest target of 109.30.
The material has been provided by InstaForex Company – www.instaforex.com