The Australian dollar has decided to decline. Probably following the general downturn in commodity markets; in today’s Asian session, oil is losing 1.73%, copper -0.34%, iron ore decreased by 0.4% yesterday.
On the daily chart of the AUD/USD, it has overcome the support of 0.7171, the target is open at 0.7107 – the August 30 low. It is clearly seen on the H4 chart that the price breaks through the support from acceleration, and the signal line of the Marlin Oscillator also sharply breaks through the support of the forming line of multiple convergences. This is how we described the downtrend scenario in yesterday’s review: “On the other hand, such convergences turn into a sharp drop in prices, by analogy with the exit from the wedge. In this case, the 0.7107 target – the August 20 low, can be worked out. ”
So, we are waiting for the price at the target level of 0.7107.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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