AUD / USD
On the daily chart of the currency pair, the Marlin oscillator signal line is discharged from the oversold zone; on the four-hour chart, the same oscillator is actively growing in the zone of positive numbers. From this angle of view, the exit of the price for the Kruzenshtern line of the four-hour halftime is possible, more precisely, the exit of the price in the range of 0.7079-0.7110. The upper limit of the range is the resistance of the embedded line of the price channel of the daily timeframe.
But regardless of whether the Australian undertakes such a breakthrough or not, the downward target of 0.6980 persists in the near future.
Three months ago, we posted a long-term forecast for AUD / USD based on the monthly chart. The long-term goal was defined area of 0.5660. Now this chart looks like this:
Practically little has changed during this time. The price is still close to the rising trend line. But a new element confirming this scenario was added. The current December black candlestick overlaps the white November one. It is likely that in January, the market will accelerate after a three-month treading in place.
The material has been provided by InstaForex Company -
www.instaforex.com