The Bank of Australia raised its base rate yesterday by a modest 0.25% against a general expectation of 0.50%. As a result, the aussie lost 13 points during the day. Today, the Reserve Bank of New Zealand raised the rate by the expected 0.50%, but this does not help the kiwi grow.
The daily timescale chart shows that yesterday's candle opened and closed below the level of 0.6515, respectively, the exit of the upper shadow above the level, almost to the target of 0.6565, can be taken as a false movement. Now we are waiting for the development, strengthening of the declining sentiment. The first target is 0.6439. Overcoming the first target opens the second one - 0.6385 - the nearest line of the green price channel.
The price settled above both indicator lines on the H4 chart. This circumstance makes it difficult for the bears to act, although the Marlin Oscillator is trying - it is falling to the zero line and is clearly set to overcome it. Full consolidation of the downward trend, however, will occur after the price goes under 0.6439.
Relevance up to 04:00 2022-10-06 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.
Read more: https://www.instaforex.eu/forex_analysis/323435
