AUD/USD
In the past two days, the Australian dollar has approached the target support range of 0.6783/98 twice. This morning, it is making a third attempt. Breaking through the range will allow the price to aim for the intermediate level of 0.6708 (July 4th high), and surpassing that level opens up the possibility of a deeper target at 0.6560.
If a reversal occurs from 0.6783/98, the pair can reach the 0.6940 target. We expect the decline or growth to end in early August, as indicated by Fibonacci time period line number 8.
On the four-hour chart, the price will also have to struggle with a new support level - the balance indicator line. If it successfully breaches the range, then it will overcome the balance line, providing momentum for the pair to fall further. The first support on the path towards 0.6708 is the MACD line around 0.6740. Marlin in bearish territory will work in favor of the sellers.
