Last Friday, the Australian dollar returned to the target level of 0.7171, but, as in the previous two days, could not overcome it. The Marlin Oscillator has approached its own zero line, and if the price does not dare to move to 0.7227, then Marlin will turn down after touching the zero line and pull the price with it.
The 0.7065 level will be the closest target for the decline – the June 2020 high. If the movement is intensified by the fall of European currencies after the Federal Reserve meeting, then the pair can easily reach the 0.7007 target.
The price moves sideways at the 0.7171 level on the four-hour chart, the price develops above the indicator lines, which creates a base for an upward surge. The Marlin Oscillator has discharged from the overbought zone; an upward reversal may follow without going into a negative area. If the price moves below Friday’s low of 0.7133, it will become a signal (more precisely, a sign) of the price’s intention to develop a correction to the indicated level of 0.7065.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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