Yesterday, the Australian dollar grew 32 points on good employment data which makes the unemployment rate fell from 5.3% to 5.2%. In general, the correctional growth from the fall of the “Aussie” from December 13 to 17 was 61.8% which is 38.2% on the chart. Due to this, the growth may stop since a double divergence has already been formed on the Marlin oscillator, and the probability of triple divergence is historically small. The first goal of the new wave of decline is the nested price channel line at 0.6860. Overcoming this level opens up prospects for a medium-term decrease in the Australian dollar which is at 0.6820 according to the MACD line near the Fibonacci level of 123.6%, and at 0.6778 which is the reaction level of 161.8%. This continues on to the underlying embedded price channel line which is at 0.6678.
On the four-hour chart, the price is currently above the balance lines (indicator red) and MACD, and the Marlin oscillator is also in the growth zone. The departure of the price for these lines, below 0.6885, will reveal the main lowering scenario. The observed price above the indicator lines will be interpreted as false.
Origin: InstaForex
