The Australian dollar ended yesterday with a sharp rise but has started today with a significant decline. This volatility may push the pair towards the resistance level of 0.6351 or slightly lower, near the MACD line. The potential growth area is indicated by a gray oval.
However, if today closes with a black candlestick, meaning below 0.6273, the likelihood of reaching the target support at 0.5943 will increase significantly.
On the four-hour chart, both the price and the oscillator have formed a weak divergence, suggesting ongoing pressure on the price. The price consolidation below the MACD line at 0.6212 will validate this pressure and could initiate a medium-term downward movement.
The material has been provided by InstaForex Company - www.instaforex.com
However, if today closes with a black candlestick, meaning below 0.6273, the likelihood of reaching the target support at 0.5943 will increase significantly.
On the four-hour chart, both the price and the oscillator have formed a weak divergence, suggesting ongoing pressure on the price. The price consolidation below the MACD line at 0.6212 will validate this pressure and could initiate a medium-term downward movement.
The material has been provided by InstaForex Company - www.instaforex.com
