Yesterday, the Australian dollar penetrated into the target range of 0.7291-0.7315. Now the price has two scenarios: to consolidate above the range and continue to rise to a higher target range of 0.7415/30, or return to the level of 0.7227, consolidate below it and, with the subsequent breakthrough of the support of the MACD line (0.7174), move deeper to 0.7065.
Details on the H4 chart slightly increase the likelihood of a downside scenario. A price divergence with an oscillator has formed here. The bears have a difficult job to do: overcome the support of the MACD line (0.7250), then overcome the target level of 0.7227, then 0.7174… But if the US employment data turns out to be strong tomorrow, the aussie will be able to cope with these obstacles.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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