The convergence on the daily chart has been confirmed. The price has now settled above the level of 0.6504 and is heading towards the target level of 0.6627 (the peak of January 30), coinciding with the MACD indicator line.
After the S&P 500 grew by 0.82% and oil prices were up by 0.91% on Wednesday, the Australian S&P/ASX200 is rising by 0.53% this morning. There are no obstacles to hinder its growth, and we are expecting the price to reach the target of 0.6627.
On the 4-hour chart, the price is consolidating below the MACD line. The Marlin oscillator has turned upwards in the bullish territory. Overcoming the MACD line (0.6540) will initiate the rise towards the designated target of 0.6627.The material has been provided by InstaForex Company - www.instaforex.com
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