Due to the general weakening of the US currency, the Australian dollar closed the day by gaining 12 points, and the price was consolidated above the level of 0.6900 – the daily candle opened and closed above this level.
But the Marlin oscillator has not yet left the negative trend zone, it is slightly turning down, which, under additional external circumstances (fundamental factors, news), could return the price to 0.6900, and the potential growth to 0.7080 will not take place. Consolidating the price below 0.6900 will make the 0.6680 target relevant again. The situation is likely to be resolved with the release of US employment data.
The price has consolidated above the indicator lines of balance and MACD on the four-hour chart, while Marlin is in the growth zone, the trend is up. The price needs to go below the signal level of 0.6842 to reverse this trend, around 70 points. In addition to breaking up the price, you need to go above a fairly high level of 0.6976, which is 60 points from the current price. The situation is largely speculative – whether American investors would want to launch an attack on counter-dollar currencies before their national holiday, Independence Day, which is tomorrow.
The material has been provided by InstaForex Company – www.instaforex.com