While European currencies are contemplating whether to enter a correction, the Australian dollar is already gaining noticeable advantages from its seemingly hasty decision on November 15. A daily timeframe convergence is increasingly pushing prices higher with confidence.
The Marlin oscillator is about to move into positive territory, enabling the price to confidently target the key level of 0.6640. By then, the MACD line will reinforce this level, potentially marking the end of the correction.
On the four-hour chart, the price attempts to break through the resistance of the MACD line. A breakout above this line and yesterday's high (0.6535) would open the path to the first target at 0.6570. Consolidation above this level would pave the way for the second target at 0.6640.
However, if the price fails to surpass the resistance today, the move may be delayed until Monday or Tuesday, following a brief consolidation above the 0.6482 level.
The material has been provided by InstaForex Company - www.instaforex.com #
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