Relevance up to 05:00 2021-07-22 UTC+3
The Australian dollar is slowly declining amid technical constraints – the price fluctuates between the adjacent price channel lines and below the target level of 0.7344, which is also located between these lines.
Overcoming yesterday’s low at 0.7301 opens the nearest target at 0.7244. A price reversal from this level to the upside is possible under the influence of the emerging convergence with the Marlin oscillator. Potential correction may continue up to the MACD line. At 0.7500, it intersects with the embedded price channel line.
The price shows an intention to break through support at 0.7301 on the four-hour chart. The impetus for this was set by weak retail sales in Australia in May, which showed a decrease of -1.8%. The Marlin oscillator is turning down in the downward trend area. We are waiting for the aussie to move towards the specified goal.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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