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06.07.202105:30 Forex Analysis & Reviews: Forecast for AUD/USD on July 6, 2021

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AUD/USD

This morning the Australian dollar has overcome the resistance of the embedded price channel line at the level of 0.7540. The Marlin oscillator, albeit with a pronounced convergence, is still in the negative zone; there is a risk of the oscillator reversal from its own zero line.

However, this Marlin reversal is possible if the price does not firmly settle above the price channel line. Such a consolidation can be in two cases: when the day is closed with a white high candlestick about 40 points, or when tomorrow opens and closes above the inclined line of the price channel, regardless of the size of the candlestick. If the price is able to fulfill such a task, then the 0.7618 target level can be reached.

If the price today drops below yesterday's closing level of 0.7531, then the nearest target of 0.7495 will open, and if the price settles below it, the 0.7400/10 range will wait.

The price is above both indicator lines on the four-hour chart, the Marlin oscillator is in an upward trend. This circumstance increases the likelihood of growth development.

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