The Australian dollar worked out a target range of 0.7023/49, after which it turned sharply down. The signal line of the Marlin Oscillator on the daily chart has formed a sharp peak, which is a sign of a reversal or deep correction of the instrument. The target point is the 0.6928 mark – support for the embedded line of the price channel. Overcoming the first goal opens the way to support the MACD line at about 0.6866, which is also a low on May 17 and 23.
On the four-hour chart, the price began to fall immediately after the formation of divergence according to Marlin. The oscillator signal line is already in the negative trend zone, but the price is still above the MACD line (blue indicator), for a more reliable downward signal the price should overcome this line, go below 0.6960.
Origin: InstaForex
