For the past two days, the Australian dollar quote has been in the range of 0.7107-0.7131, formed by the lows of August 20, 2021 and January 7, 2022. The Marlin Oscillator is turning down, and for a standard situation, this means a price reversal as the completion of a massive correction from all the decline since April 5th.
This will be confirmed by the price consolidating below the lower limit of the range, and settling above its upper limit will entail continued growth with an indefinite target, up to the high of June 3 at 0.7285.
The Marlin Oscillator is heavily declining on the 4-hour chart while the price is consolidating in the target range. It is also a sign of a trend reversal. We are waiting for the price to settle below 0.7107, then Marlin to enter the territory of negative values, and then the price to move to the target level of 0.7015. Intermediate support is the MACD line, around 0.7042.
