The Australian dollar failed to reach the target level of 0.7227 yesterday – external markets did not allow it to reach the level by only nine points; S&P 500 lost 2.12% yesterday, the US dollar index showed zero change, copper lost 0.49% of its value.
But on a daily scale, the price managed to stay above the MACD indicator line until this morning, the Marlin Oscillator is in the positive area, so the aussie’s growth potential is still not exhausted. Another thing is whether investors will want to once again outperform the market when a double Federal Reserve rate hike in March is in the air.
But we can also talk about a fall to the target level of 0.7065 only when the price settles under the MACD line, which can happen no earlier than Monday.
AUD/USD maintains its full upward trend on the 4-hour chart – the price is above both indicator lines, the Marlin Oscillator is in the positive area. A downward signal will be the price moving under the MACD line below 0.7157.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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