AUD / USD pair
The Australian dollar has been trading in a narrow range for the past four days, considering the general market sentiment. On the daily chart, the central line of this range coincides with the correction level of 23.6%. The Marlin oscillator has been growing all this time and two options have ripened here: very soon the marlin signal line will go into the growth zone (above zero) and the price will reach strong resistance near 0.6870, where many technical lines converge. Another scenario, the oscillator will stop rising and get ready to decrease from current values.
On a four-hour chart, the price under the indicator line of balance as the Marlin entered the zone of declining trends. To develop a downward movement, the price needs to gain a foothold below the MACD line found below the 0.6750 mark. The first goal will be a nested line of the price channel on a monthly scale in the region of 0.6720. Overcoming it will open the next target to the line of the blue price channel at 0.6657on the daily scale.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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