The Australian dollar rose by 86 points on Friday, a little more than 60 points until it hits the upper limit of the price channel, and the price's intention to turn down this morning raises several questions at once: will the channel limit be reached at all, will it surpass this limit, will the price reversal from current levels be confirmed, and if so, how deep will the correction be?
The most solid base for completing the correction (unless, of course, this is a reversal into a medium-term fall) is the 0.6514/32 range - a strong resistance in late September-early October, as well as highs on October 27. In this case, the support at 0.6595 can act as an intermediate target. However, if the price plans to continue rising in the medium term, then this level may also become a reversal for the correction observed this morning.
The Marlin Oscillator is turning down with force on the four-hour chart. This is the only sign of the price's intention to reach the support at 0.6595. We are following developments.
Relevance up to 03:00 2022-11-15 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.
