Relevance up to 20:00 2020-03-27 UTC–7
The Australian dollar has been infected by increased volatility in European currencies. The aussie’s range reached 216 points yesterday. The highs of the last three days were near the Fibonacci level of 50.0%. The level has been reached, and there is a hint of a reversal divergence on the lower-scale chart.
The price may still grow to the resistance of the embedded line of the price channel of the daily chart 0.6206 and at the same time, the divergence may still persist, in general, we are waiting for the price to reverse again to decrease.
The condition for such a decrease will be the price drift under the MACD line on a four-hour chart below 0.5875. The Australian S&P/ASX200 index fell 2.54% in the Asian session, while the Chinese Shanghai Composite added 0.67% and the Japanese Nikkei225 is up 1.27%.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Laurie Bailey,
InstaForex Group © 2007-2020
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