AUD / USD pair
The Australian dollar gained 46 points yesterday, gaining a foothold over the correction level of 23.6%. The price opened the target to 0.6832 with the correction level of 38.2%, which coincides with the low of June 18. At least three equal-sized scenarios are currently opened before the price.
First, an increase to 0.6832 and a reversal to the area of 0.6737/50 is likely to happen. In this scenario, convergence on the Marlin oscillator is formed on a four-hour chart. Second, the price overcoming the first target and growing to the next target area of 0.6890 then to the point of convergence of the Fibonacci level of 50.0%, where two lines of price channels and the indicator line of MACD are found. The third scenario is a reversal down from current levels to the target range of 0.6737 / 50. Moreover, there can be both an increase to 0.6832 from this range and overcoming with a decrease to 0.6678 towards the area of convergence of the trend line of the falling price channel and the Fibonacci level of 0.0%.
The multiplicity of such scenarios is currently indicated by Marlin oscillators on the daily and four-hour charts. In the current situation, they develop in some isolation from the price trend and Marlin is one of the leading indicators in its predicted purpose.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.