Yesterday's fall in commodity prices helped the Australian dollar to lead the decline on Monday. The fall was 1.53% or 120 points. Now, if the expected upward correction in European currencies fails to keep the aussie from further decline, the price will go below the lower limit of the price channel (below 0.6865) and, having settled below it, will continue to move in the medium-term bearish trend. The price still has the potential to work off the target level of 0.6865 (May 2019 low), after which a correction of the average strength is possible. But while the price has not settled under the lower limit of the range reached, so we are waiting for its decision today.
On the four-hour chart, the price is still in the process of choosing a further direction, the Marlin Oscillator is trying to push it down. So, we are waiting. The first correction target is the 0.7056 level, which almost coincides with the MACD line on H4.
