As we expected in the last review, the Australian dollar formed a double convergence and worked its growth to the MACD line on the four-hour chart. At the same time, the price entered the consolidation zone on March 4-6, it is marked with a gray rectangle on the H4 chart. Given the general downward trend which is clearly visible on the daily chart as all indicators consistently indicate a downward trend, we expect the price to turn down from the current resistance on H4 and a further decline in the "Australian" to support the nested line of the 0.6970 price channel. However, you need to wait for confirmation and a fixation the price below the signal level of 0.7053. In case of fixation above the MACD line of 0.7086, it is possible to continue the corrective growth to the MACD line at 0.7143 on the daily scale.
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