[KostiaFM]

Forecast for GBP/USD on December 7, 2021

The outlook for the British pound's growth looks optimistic. The convergence with the Marlin Oscillator is strengthening, the target of 1.3410 - Fibonacci level of 123.6% is slightly opening. But in order for it to become fully open, the price needs to overcome the immediate resistance of the 138.2% Fibonacci level at 1.3315. Failure could push the price down to the 161.8% Fibonacci level (1.3160).

The price convergence with Marlin is formed on the four-hour chart. At the moment, the signal line of the oscillator is crossing the border with the territory of growth. The price goes to attack the 138.2% Fibonacci level and the MACD line. Success will open the specified target of 1.3410.

Forecast for AUD/USD on December 7, 2021

In yesterday's review, we identified the Australian dollar's 0.7007/65 range as free roaming territory. At the moment, the price is approaching the upper level of this range, but the price does not show a clear intention to overcome it - the Marlin Oscillator is weakening and shows a sign of a downward reversal. Success, however, will allow the price to hit the 0.7107 target level, which is the Aug 20 low.

The price is still in a downward trend on the four-hour chart. Even the leading oscillator Marlin has not yet left the negative zone. It will probably do this when the price moves above the 0.7065 level.

But the MACD indicator line is next to the 0.7107 target level, which can slow down the upward movement. Therefore, it will only be possible to count on a medium-term price growth after the price breaks above 0.7107. Overcoming the support at 0.7007 will open the bearish target level of 0.6950.

Today, the Reserve Bank of Australia is publishing a decision on monetary policy, so a strong momentum in any direction is possible.