The Australian dollar's decline in the last three days has been very brisk. It is affected by two negative factors: the fall in commodity markets (on Friday oil fell by 0.93%, this morning by 2.61%) and the recent overbought of the aussie, we noted this risk factor in previous reviews.
On the daily chart, the price has overcome the target level of 0.7225, the Marlin Oscillator is moving deeper into the bears' zone and will soon get stuck in the oversold area. If the aussie's current mood remains, even with a decrease in dynamics, the price will be able to reach the target level of 0.7055, and only then will it go into a correction.
The price settled under the target level of 0.7225 on the four-hour chart. The Marlin Oscillator is oversold, but shows no signs of a reversal. In such a situation, further decline with a slowdown in momentum is possible.
