Yesterday, the Australian dollar attempted to converge with the daily MACD line. The attempt failed and the price quickly returned below the balance indicator line. It ended the day below the balance line, which confirmed our position on the corrective nature of the aussie’s entire growth since December 6th.
At the moment, the price has gone below the target level 0.7272, closing the day below it will mean settling below the level and its further intention to overcome 0.7171 and head to 0.7065.
On the four-hour chart, the Marlin Oscillator has entered the negative zone – the territory of the downward trend. Confirmation and reinforcement of this signal will be the price drift under the MACD indicator line, below 0.7205.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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