AUD/USD
On the daily chart, the signal line of the Marlin oscillator has formed a wedge and is now close to breaking out of it. The main scenario suggests a bearish breakout with the price breaching the 0.6627 support level. In this case, the decline will extend to the MACD line, around the 0.6590 mark.
We also expect the price to breach the MACD line and fall to the target level of 0.6467 – the May 1 low. If the alternative scenario unfolds, the price, which has already consolidated above the balance line, will break above the 0.6690 level and continue to rise to 0.6730.
On the 4-hour chart, the price also consolidated above the balance line. The Marlin oscillator is in a neutral position, moving along the zero line, just below it. If the price consolidates below the MACD line (0.6643), it will be a strong argument for the bears to breach the 0.6627 support level.
The material has been provided by InstaForex Company - www.instaforex.com #
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