The EUR/AUD pair continues its steady movement within a descending price channel. Yesterday, the pair attempted to break below the median line of this channel.
The consistent downward slope of the Marlin oscillator's signal line suggests that this median line will likely be breached soon — possibly as early as today. A daily close below this line would open the path toward the lower boundary of the channel at 1.7365. If the price exits the channel altogether, the next downside target becomes the support area at 1.7246 — the May low.
On the 4-hour (H4) chart and the daily chart, the pair is also declining below both the balance line and the MACD line. The price is currently testing the median line of the price channel. The Marlin oscillator is moving to the downside, reinforcing the prevailing bearish momentum.
The material has been provided by InstaForex Company - www.instaforex.com
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EUR/AUD
The EUR/AUD pair continues its steady movement within a descending price channel. Yesterday, the pair attempted to break below the median line of this channel.
The consistent downward slope of the Marlin oscillator's signal line suggests that this median line will likely be breached soon — possibly as early as today. A daily close below this line would open the path toward the lower boundary of the channel at 1.7365. If the price exits the channel altogether, the next downside target becomes the support area at 1.7246 — the May low.On the 4-hour (H4) chart and the daily chart, the pair is also declining below both the balance line and the MACD line. The price is currently testing the median line of the price channel. The Marlin oscillator is moving to the downside, reinforcing the prevailing bearish momentum.
The material has been provided by InstaForex Company - www.instaforex.com