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The Australian dollar gained 44 points on Monday. At the moment, there is a struggle with the resistance of the trend line of the green price channel. A divergence has already formed with the Marlin Oscillator, so the outcome of the fight may be on the bears' side. The 0.7600 target level might not be taken, most likely. The bears' first important target will be the 0.7415/30 range (in particular, the high of August 2021 is located in it), then the price will have to work seriously around the magnetic point at 0.7315.
On the four-hour chart, the price is winding up on the MACD indicator line. Since a divergence has formed on the daily timeframe, after the next drop below the MACD line, the price is unlikely to return above it. In order to confirm the intention to "leave and not return", the price should overcome the target level of 0.7500. Further – a decline in the range of 0.7415/30.
The neutrality and uncertainty of the aussie is associated with today's Reserve Bank of Australia meeting. There will be no change in rate today, but investors are waiting for instructions for it to rise in the second quarter. We will soon find out whether their expectations will be justified.
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