The Australian dollar, as we described its mood in previous reviews, reacted with increased dynamics to the US dollar’s correction from yesterday. With the dollar index falling by 0.66%, the aussie gained 1.01%. There was a correction of about 38.2% of the decline branch from April 5 to April 18.
There is a possibility of deepening the correction to 50.0%, to the target level of 0.7500. But for now the Marlin Oscillator is in negative territory, so the aussie may become more cautious.
The price has settled above the balance (red) and MACD (blue) indicator lines on the four-hour chart, Marlin in the positive area. Since the upward trend continues, the price can still fight for continued growth towards 0.7500. The trend will return to the downward trend after the price consolidates under the MACD line, below 0.7415.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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