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17.07.201907:03 Forex Analysis & Reviews: Forecast for AUD / USD pair on July 17, 2019

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AUD / USD pair

The range of the price downward channel for the Australian dollar has expanded on the daily chart. It received an updated look but it did not break through the signal level of 0.7049. Meanwhile, the reversal trend is gaining momentum. The first goal of the reduction in the area of accumulation of technical lines, which is a graphic nested line of the price channel at MACD indicator line (blue color). It is an indicator of the trend direction and being independent support and resistance in the area of 0.6933. When the price reaches the specified support area, the Marlin oscillator will connect to its strengthening and the signal line of which will meet the border of the "bears" territory. With the overcoming of support by the price, the second goal of 0.6878 has opened, which also determined by the nested line of the price channel.

On the four-hour chart, the price tries to break through below the MACD line, which will succeed in our main scenario since the Marlin oscillator line is already being introduced into the zone of decreasing trend. We are waiting for the price in the area of 0.6933.

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