AUD/USD
The Australian dollar lost 47 points on Friday and that was enough for the Marlin oscillator to move into the negative trend zone and this was a signal to the market's readiness to decline further.
The aussie's first target is the embedded line of the price channel at around 0.6348, which, most likely, will be overcome without difficulty. Behind it is the second target 0.6255 - support for the MACD indicator line. The third target 0.6127 is the underlying price channel line.
The price is trying to go above the MACD line on the four-hour chart, the Marlin oscillator is still in the territory of the bears' possessions. A deeper price exit above the MACD line will enable the price to fulfill the first growth target at 0.6495 - the resistance of the price channel line on the daily chart. Exit above the level opens the second target of 0.6562 - the May 11 high.
We are waiting for the corrective growth to be completed and prices to fall by today or tomorrow. Unless, of course, an alternative scenario with medium-term growth is fully disclosed, which will happen when the price is consolidated above the 0.6562 level.
The material has been provided by InstaForex Company - www.instaforex.com