Yesterday, the Australian dollar fell by 20 points following the general strengthening of the US currency by 0.54%. This morning, the aussie covered yesterday's fall with growth. The 0.6755 target is likely technically strong (November 2019 low) as the price turns around as it approaches it for the third consecutive day.
But we are waiting for the price to break down, as raw materials have become much cheaper in recent days, and the US employment data will be released tomorrow, the forecast for which is optimistic (Nonfarm for June 240-268,000). The nearest target of the aussie is 0.6686, the high of March 2020.
On a four-hour scale, the price is trying to attack the MACD indicator line, and it is helped by a bullish convergence with the Marlin Oscillator. But structurally, the convergence is not strong, since the price lows are almost at the same level, so we do not expect the price to exit with a consolidation above the target level of 0.6830. The output of the signal line in the positive area may be false.
