Since the beginning of the week, the Australian dollar has been consolidating to support the embedded price channel line near 0.6926 (daily). Overcoming Monday’s low opens the target on the MACD line of 0.6865. The Marlin oscillator is still in the growth zone, but is in a hurry to infiltrate the negative trend zone. Overcoming 0.6865 will make it possible for the price to achieve the second goal by supporting the embedded line of the price channel at 0.6830.
On the four-hour chart, consolidation took place under the MACD line, which more clearly shows the market’s intention to move down. Consolidation at 0.6926 will be a condition and a signal to continue the aussie’s fall. The signal line of the Marlin oscillator formed a wedge – a figure of the continuation of the trend.
Origin: InstaForex
