The Australian dollar’s attempt to develop its attack on the bearish target level of 0.7065 last Friday was stopped by the unexpected attack of the euro against the US dollar – the dollar index closed the day with a decrease of 0.52% on Friday, AUD/USD added 19 points.
Australia’s Building Permits Index for November rose 3.6% this morning, supporting Friday’s momentum. Now the 0.7227 target level is ahead. It is possible for the price to try to overcome this level, but further growth to 0.7265 – to the MACD line on a daily scale is in doubt, since for such an undertaking the price should overcome the level for further advancement towards the 0.7414 target. Amid the Federal Reserve’s first rate hike in March, such a plan, at least in the current situation, does not seem rational.
The aussie’s current growth is supported by the growing Marlin Oscillator on the four-hour scale chart, which moved into the area of the growth trend this morning. We are waiting for the price to attack the target level of 0.7227, probably with its breakthrough, and then the price may return to the 0.7171 level (on Tuesday or Wednesday).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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