The Australian dollar has not shown initiative in a calm market for the past two days. The price on the daily chart is between the resistance of the price channel and the support of the MACD line. You need a good driver in order to move in any direction here. Today, pressure on the aussie can continue from the commodity markets (unless oil changes its mind to decline, as iron ore did yesterday, which jumped 1.19% on China’s trade balance data, which showed an increase from 274 billion yuan in December to 329 billion), and tomorrow, the US dollar can take control of the situation, using data on retail sales for December, the forecast for which is 0.3%.
The immediate goal is to support the MACD line (0.6870). The second goal is the embedded line of the red price channel in the region of 0.6818. The signal line of the Marlin oscillator is already turning from the boundary with the growth zone.
The situation is neutral on the H4 chart. The price between the indicator lines of the balance and MACD, Marlin slowly decreases in the growth zone following the price.
Origin: InstaForex
