AUD/USD rose by 54 pips on Wednesday, immediately after the dollar fell by 1.17%. It moved beyond the target level of 0.7315, but this morning dipped below it, which is a sign that the bearish trend is undisturbed. The rally yesterday was just a correction (almost 50% of the previous two-day fall), so it is likely that the pair will continue declining today to 0.7227, and then to the MACD line at 0.7183. A further drop will strengthen the downtrend in the medium-term.
The pair is under the MACD line in the four-hour chart, near 0.7315. This suggests that the market is under the control of bears, especially with the Marlin oscillator turned down, supporting the downward price sentiment.
