The Australian dollar lost about 70 points on Friday, just barely reaching the target level of 0.7107 – to the August 20 low. The Marlin Oscillator is close to the oversold zone; it is turning up slightly. There are no obvious reversal signs, the price is likely to stay for two or three days in the 0.7107-0.7171 range before choosing a further direction.
On the 4-hour chart, price is showing a rising sentiment supported by a miniature convergence with the Marlin Oscillator. The MACD line is approaching the target level of 0.7171, strengthening it. Accordingly, settling above it will open the target level of 0.7227.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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