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07.07.202105:24 Forex Analysis & Reviews: Forecast for AUD/USD on July 7, 2021

AUD/USD

Yesterday's rapid technical growth of the Australian dollar, even on the news that the Reserve Bank of Australia is reducing the volume of redemption of securities to its own account, which is taking a course towards tightening monetary policy, could not resist the US dollar's attack, which has strengthened on all fronts in anticipation of today's Federal Reserve minutes.

Exchange Rates 07.07.2021 analysis

The aussie's decline was 35 points. The price, only with the upper shadow of the daily candle, went above the embedded line of the price channel, which made a false exit above this line for the second time.

The convergence on the daily scale, however, is not broken, there is a small possibility of another upward surge in the price before the signal line of the oscillator clears the zero line before a succeeding decline, as shown by the dotted line on the chart.

But Marlin is also squeezed into a wedge, so its signal line may exit downward from its current position. The first target is 0.7400/10. Further, the price will try to reach the lower line of the price channel in the area of 0.7373.

Exchange Rates 07.07.2021 analysis

The price lingered on the MACD indicator line on the chart of a four-hour scale, while Marlin was in the negative area. Combined with the situation on the daily chart, the probability of a succeeding decline is 75%.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Laurie Bailey,
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© 2007-2021
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