Yesterday and this morning the Australian dollar realizes the corrective potential, the signs of which were shown yesterday. During this time, the price has grown by 60 points. Growth may not last much longer, as investors are already waiting for the Federal Reserve meeting on May 4th.
In general, of course, the Australian dollar looks more solid than the European currencies, as the global increase in commodity prices supports the commodity export-oriented Australian economy, and every correction in the US dollar will be heavily denominated in the Australian currency.
The MACD indicator line is approaching the target level of 0.7343 on the daily chart. Obviously, surpassing this level, supported by the moving line, will give an impetus to the price to further decline, the first target of which is 0.7225 – the high on December 16, 2021.
The Marlin Oscillator went into the positive area on the four-hour chart, pushing the price to reach the resistance of the MACD line in the area of 0.7427. Consolidating above the line is not desirable, as the price will start to wander on the way to 0.7500 and it may not reach this target.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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