AUD/USD
The Australian dollar could not develop a downward movement when the technical support made an exit yesterday. This morning, it again went over the balance and MACD indicator lines, repeating the false exit on the 13-14. At the moment, the price has stopped at the resistance of the embedded line of the descending price channel. In this situation, we no longer consider options with further price growth, in particular to the price channel line at 0.6535, as working options. Consolidating the aussie above 0.6535 will bring growth scenarios back into action. Until then, the price can wind up on the MACD line, creating a false signal in either direction.
The main option for the price development is its reversal in the near future and working out the first goal of 0.6180. Going below the level opens the main goal of 0.5805 near the support of the embedded line of the price channel.
The price breaks through the MACD line on the four-hour chart. Consolidating above it will allow the pair to wander up to 0.6535 for some time. The signal for a decline will be when the price leaves the area below the April 15 low of 0.6285.
The material has been provided by InstaForex Company - www.instaforex.com