Yesterday the Australian dollar took full advantage of the rush demand for risk from adjacent markets – amid rising stock markets, energy resources, non-ferrous metals and a halt in government bond prices, it gained 74 points, breaking the 0.7227 linear resistance and the sliding resistance of the daily 0.7262 MACD line.
The daily Marlin Oscillator has more growth prospects before it starts to experience difficulties in the overbought zone. In terms of the value of the instrument, such a prospect extends to the target level of 0.7414 – to the area of the peak in August 2020. Before further growth, the price may consolidate in the area of current levels, the support of which will be the MACD line (0.7262).
On the four-hour chart, the price is in a growing position by all indicators. Today, price consolidation is possible, a slight discharge of the Marlin Oscillator, after which we expect the price to continue to rise to the specified target of 0.7414.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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