AUD / USD pair
The Australian dollar launched an attack on the expansion of the price channel yesterday, which was successful. However, an active attempt to grow was soon suppressed in the preceding days. The weakness of growth was determined by the marlin oscillator, which plotted a horizontal line lasting for 4 days on the daily graph and it formed a double convergence of the price on the 4-hour chart. Apparently, this is the final reversal signal. With the price fixing below the MACD line of 0.7160 on the four-hour chart, the "Australian" will decrease to support the embedded line of the price channel in the area of 0.7110 on the daily chart. Around the same level, the price will meet with the support of the MACD line. Overcoming support levels opens up an even deeper goal in the area of March 8 minimum at 0.7004.
The material has been provided by InstaForex Company - www.instaforex.com