The Australian dollar traded in the range of 60 points yesterday, closing the day on the support of the MACD indicator line with a symbolic growth of 6 points. The Marlin Oscillator is in the downward trend zone, which on the day of the Federal Reserve meeting indicates a likely breakthrough at the price of support and taking the course to the target level of 0.7065 – to the high of June 2020.
On the H4 chart, a consolidation is forming between the target levels of 0.7166 and 0.7227. Price drop below yesterday’s low 0.7166 opens the way for further decline.
However, if suddenly “something goes wrong”, for example, the FOMC colorfully announces the risks of economic recovery and moderates its own forecasts regarding the further pace of the rate hike, the price may jump to the target level of 0.7315 with another exit to the range of 0.7415/30. But this option is still unlikely, as investors hope for an early completion of the so-called nuclear deal with Iran and the entry of Iranian oil into the market, which will reduce the price of raw materials and, along with it, the Australian dollar.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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