Relevance up to 04:00 2022-08-09 UTC+2 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.
On Friday, the Australian dollar managed to overcome the support of the MACD indicator line on a daily scale. Today opened below the MACD line, which opens up the aussie's plan for the main downside scenario - further advance to the target level of 0.6830 (May 12 low).
The signal line of the Marlin Oscillator is a little late with the transition under the zero line, this circumstance may delay the price's downward movement for several hours.
The price has already formed a convergence with the Marlin Oscillator on the H4 chart, which contributes to the delay in the decline. But in general, convergence does not cancel a strong downward price movement. For such a cancellation, the price needs to do a very difficult thing - to settle above the MACD line (0.6980).
