The Australian dollar did not succumb to Friday’s excitement in the markets, closed the day at the opening level and today, on the failed data on the trade balance of New Zealand, it lost 65 points at the moment. The fears of the “Australian” are understandable because Australia is the closest trading partner of China, with which the US trade war has received a new intensification. The New Zealand trade balance for July amounted to -685 million dollars against the forecast of -250 million and 331 million in the previous month (revised down from 365 million).
On the daily chart, the price pierced the support of the embedded line of the red price channel (0.6720) and returned above it with the growing Marlin oscillator. This is a sign of a false movement, after which it is likely to increase to the first target of 0.6833 – the Fibonacci retracement level of 38.2%, coinciding with the low of June 18.
On the four-hour chart, the price fixed below the balance and MACD lines, Marlin oscillator in the declining zone. If the price manages to gain a foothold over these indicator lines, the growing potential will begin to be realized. Leaving the price below 0.6720 will show that the movement this morning was false, and the price will tend to the blue line of the price channel on the daily at 0.6657.
Origin: InstaForex
