The Australian dollar has the last opportunity for a reversal today - either to a change in the medium-term trend, or to a relatively moderate correction, approximately to the MACD indicator line in the 0.7330 area. Moving below the target level of 0.7227 may deepen the downward movement to the target level of 0.7107, set by the August 20 low.
On a four-hour chart, the double convergence of the price with the oscillator is holding on to its last strength. Consolidating below the level of 0.7227 will break this convergence and then the price will rush down with renewed vigor. To prevent this from happening, the price needs to settle above the MACD line at 0.7252, and it is desirable to break away from it higher so that the Marlin Oscillator can move into the growth zone. The price has one, maximum two days for this.
