The Australian dollar closed Thursday down 50 points. The day's low did not reach the target support at 0.6595 for two reasons: the price did not settle under 0.6700, and the technical instruments on the lower four-hour chart managed to contain the bears' attack. In the current situation, the price is gathering strength at the level of 0.6700.
If the price suddenly decides to follow the stop-losses of the bears, who are gradually building up positions against the aussie under the influence of declining US government bond yields, then after breaking the November 15 high at 0.6799, it could reach the 0.6871 target (August 5 low). Settling below 0.6700 will certainly significantly raise the probability of reaching the target support at 0.6595.
The price received effective support from the MACD line on the four-hour chart, after which it returned above the balance indicator line (red moving line). But Marlin decided to firmly settle in the declining area, so we are waiting for another attempt to overcome the MACD line as a development of the situation according to the main scenario.
Relevance up to 03:00 2022-11-19 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
