On Wednesday, the Australian dollar, like on Tuesday, worked out a range of target levels, only a smaller range: 0.7107/71. This morning, the price shows an intention to rise again, and the Marlin Oscillator, which is unfolding from the oversold zone, helps it.
If on Friday, when the US employment data will be released, the price overcomes the 0.7171 level that is not yet amenable to it, then the target level 0.7227 will soon be taken, and then there may be a bullish mood at 0.7316, that is, to the daily MACD line scale. This level also coincides with the high of September 2018.
On the 4-hour chart, the rising price sentiment is being held by the Marlin Oscillator. Until its signal line goes under the line forming the convergence, one can hope for growth to 0.7171 and even for consolidation above the level. But if the price overcomes yesterday’s low (0.7096), which will mean a fall in the oscillator, then the speculators’ target will be the level of 0.7065 that was previously reached. Finally, if US employment data turns out to be good, the price may continue to decline to 0.7007 (September 2020 low).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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