Yesterday, the Australian dollar received support from the balance indicator line and crossed almost the entire range of target levels 0.7171 and 0.7227. Now the price has a more difficult task - to cross 0.7227 in order to then try to rise above the daily MACD indicator line in the area of 0.7262. If the price copes with this task, then later you can see the aussie rise to the target level of 0.7414 (the August 2020 high). If a reversal occurs from one of the indicated resistances, then a decline to 0.7065 (June 2020 high) may follow.
The price is approaching the MACD indicator line on the H4 chart, which is currently just below the target level of 0.7227. The resistance is strong, so we expect either a reversal from this area, or a decisive attack at 0.7262. Taking into account the reluctance of the Marlin Oscillator to develop growth on a daily scale, the probability of a reversal can be determined at 55%.
