AUD/USD
The Australian dollar closed Monday at the price channel line. Now the price is faced with a difficult choice - to overcome it with renewed vigor, or turn up, supporting the upward trend of July 21. The signal line of the Marlin Oscillator on the daily chart has penetrated into the zone of negative values, but this morning it shows an intention to return to the growth zone.
The situation on the 4-hour chart does not provide a clue as to the most likely price development. The Marlin Oscillator is reversing, but weak. However, it is in negative territory.
Consolidating below the level of 0.7330 may lead the price to the lower border of the price channel in the area of 0.7262. Exit above the MACD line (0.7360) will restore the growth to the first target of 0.7428 - to the high on August 4, to the level of which the MACD line is approaching on the daily chart.
The material has been provided by InstaForex Company - www.instaforex.com