The Australian dollar has completed the first target level of 0.7343. The Marlin Oscillator, which is in a downward position, will try to help the price overcome this support, but here, on the daily chart, there is an important detail - between the target levels of 0.7343 and 0.7290 there is a MACD indicator line, so if the price does not have the potential to overcome this indicator line , then a reversal to corrective growth may happen today without an attempt to overcome 0.7343.
If the price has the potential for further downward movement, then we are waiting for the price to settle under the MACD line and, after overcoming the next support at 0.7290, it is possible to open short positions with 0.7055 as the target.
On the 4-hour chart, the Marlin Oscillator casts doubt on the possibility of the bears, as convergence is already preparing. The convergence is not strong, so only the price itself will resolve the situation – will it turn into a correction to the nearest resistance along the MACD line to the area of 0.7425, or will it consolidate under the support of 0.7343.
