AUD/USD
The Australian dollar reached the signal level of 0.7641 with the upper shadow of the candle and declined from it immediately on Wednesday. During today's Asian session, the downward movement continued, which was supported by weak data on the trade balance and retail sales. In February, the Trade Balance was estimated at 7.53 billion dollars against 10.14 billion in January. The retail sales also declined by 0.8% at the same month, and even the manufacturing PMI, when similar indices in Europe and the US show growth, slightly plunged from 56.9 to 56.8.
Today, the price is expected to go below the target level of 0.7565 and further fall to the level of 0.7500. If the price consolidates below this level, it can decline deeper towards the level of 0.7375, which corresponds to December 2020 low and earlier and stronger historical extremes.
The price on the H4 chart reversed from the MACD line yesterday. The Marlin Oscillator has entered the zone of the downward trend. Now, we expect the price to move further towards the first serious target of 0.7500 – low from December 2017.
