AUD/USD
While the European currency market is neutral, the Australian dollar is trying to grow following the commodity market; oil is up 0.35%, iron ore is up 1.14% to $ 216.45 per ton.
If this trend continues, we can expect the aussie to overcome the Friday high at 0.7618. In this case, the price may continue to rise to the target level of 0.7647. Failure to rise above Friday's high will pull the price back to the embedded price channel line on the daily chart at 0.7542.
On the four-hour scale chart, the price develops above the MACD indicator line, without breaking away from it, the Marlin oscillator is moving down. Visually, the price moves below the MACD line (0.7567) at the moment, while the Marlin oscillator will go into the negative area. Such a synchronous signal will amplify the downward momentum. Not only will the 0.7542 target open up, but there is a high probability that the price could surpass it too.
The material has been provided by InstaForex Company - www.instaforex.com