The Australian dollar is already close to a mid-term pivot point. On a daily scale, the price with the Marlin Oscillator has almost formed a powerful double convergence. The price only needs to go down a bit, and the signal line of the oscillator will touch the line forming the convergence. The MACD line (0.7330) may not even be reached.
A double convergence is also forming on the four-hour chart. After its completion, the trend is likely to reverse upwards. The price exit above the MACD line, above the level of 0.7433 (yesterday's high), will confirm this reversal in the mid-term trend.
