Relevance up to 06:00 2021-02-16 UTC+3
Last Friday, the Australian dollar tried to go under the balance indicator line (red) with the growing leading Marlin oscillator, but it failed. On that day, the price was restrained from above by the lower border of the target range of 0.7765/83, this morning the price surpassed it. As the price moves above the upper border of the range, we expect the pair to rise to the target level of 0.7830. Following this rally on the weekly and daily timescales, a double divergence could form, indicating a global market reversal after all the gains since last March.
A double divergence is already outlined on the four-hour scale, which may indicate that the price is out of the downward range, but the divergence is weak, so sideways movement is more likely, especially today, when the US is on holiday. If the price rises above 0.7783, there will be no trace of the divergence. We are waiting for the development of events.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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