On the daily chart, the Australian dollar is moving above the target level of 0.7227, which gives the impression of its intention to rise to the MACD line to the 0.7275 area. But there is a nuance here – the price is developing under the balance indicator line (red), which means that the trend itself does not want to go against the main scenario – the completion of corrective growth and the resumption of the fall towards the targets of 0.7065 or 0.7007.
Of course, the attempt to reach the MACD line at 0.7275 is not taken away from it, and if the price settles above the MACD line, further growth to 0.7414 is possible.
On the four-hour chart, the first signs of the price’s intention to turn down were outlined, there was even an attempt by the Marlin Oscillator to move into a negative area, but the signal line could not overcome the zero line on the first attempt (marked with a gray oval). Now Marlin makes a second attempt. The signal will be confirmed when the price breaks the MACD line (0.7195). The immediate target of the decline is 0.7171, then 0.7065.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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