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On Friday, with a breakthrough movement, the Australian dollar achieved its target resistance at 0.6800 – the peak level of July. Given that this is a strong level, we expect a correction from it today. Further, with a break above the 0.6800 level, the pair will likely rise towards the next target of 0.6874.
If the Australian dollar moves swiftly, it might reach the target of 0.6933 before the Federal Reserve meeting on September 18. The current trend retains potential for further growth – on Friday, the price broke upwards from the support of the balance line, and the Marlin oscillator approached the lower boundary of the overbought zone.
On the 4-hour chart, the price paused at the achieved level of 0.6800. Due to divergence with the Marlin oscillator, a pullback to the range of August 21 is possible. The price may be prevented from going below the level of 0.6727 and the MACD line, which will soon rise above this level.
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