On Friday, the Australian dollar rose slightly against the decline of European currencies and even against a slight reduction in oil prices. But the price did not settle above the 0.7500 level, this morning the price shows an intention to turn down. The Marlin Oscillator continues to put pressure on the price from its technical side. The downside target is the 0.7415/30 range. Consolidation below it opens the 0.7315 target – high on January 13th. The MACD indicator line is approaching it. Also, the trend lines of the price channels on the daily chart intersect in the area of the level. This level can act as a magnetic point.
The price has formally settled below the MACD line on the four-hour chart, but is in no hurry to move down. The signal line of the Marlin oscillator is moving into the rising trend zone and there is a potential for an upward breakthrough. Growth is impossible until the price settles above 0.7500. For a more or less significant increase, the price should go above the March 28 high at 0.7541. The first target in this case will be the target level of 0.7600 – the high of July 2021.
