Yesterday, the Australian dollar retested the daily MACD indicator line (arrow) and sharply fell below the target level of 0.7227. This retest became a confirmation of the strength of the MACD line and an additional sign of further price movement down to the target levels of 0.7065 and 0.7007.
The final confirmation of the aussie’s development under this scenario will be the price drift below the target level of 0.7171 (September 29, 2021 low). The price drift below this level will probably occur simultaneously with the transition of the Marlin Oscillator to the zone of negative numbers. This synchronicity will strengthen the bearish signal.
On a four-hour chart, the price is completely in a downward trend. Its development takes place under both indicator lines and the Marlin Oscillator goes down in the negative area. Yesterday the price made a false exit above the MACD indicator line and now the downward sentiment of AUD/USD is strengthening.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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