The Australian dollar is declining very quickly. Yesterday it overcame the target level of 0.6951 (18 May low), and this morning the price is consolidating below it.
Upon completion of the consolidation, we are waiting for further downward movement to the target levels of 0.6830 and 0.6755. The Marlin Oscillator also settled in the downward trend territory.
On the four-hour scale, you can see in detail how the price consolidated under the level that was overcome – the previous candle tested it from below. The Marlin Oscillator is turning up and there is a possibility that the price will follow it above the new resistance. In general, we are waiting for the price to settle before the Federal Reserve announces its decision on monetary policy.
