Yesterday, the Australian dollar showed a strong fall from the target level of 0.6515 to the target level of 0.6385. The lower shadow did not reach the descending line of the price channel by several points, but taking into account fluctuations, errors in the chart, we can accept the target as worked out, since after it the price rebounded upwards. Also, the signal line of the Marlin Oscillator reacted to the price surge with a slight upward reversal.
Data on employment in the US will be released today. The forecast for new jobs in the non-agricultural sector is 250,000, which is a very good indicator with an unemployment rate of 3.7%. As a result, we are waiting for the price to overcome the support of 0.6385, then the consistent development of the supports of the price channel 0.6360 and 0.6310.
On a four-hour timescale, the price consolidated under both indicator lines, under the target level of 0.6439. The Marlin Oscillator is already firmly established in the downtrend area.
Relevance up to 04:00 2022-10-08 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.
