The Australian dollar fell by more than 160 pips on Thursday, crossing the entire range of the ascending local channel (flag) on the daily chart in two days. In order to continue the decline, the price should go below the lower limit of this newly formed channel, which is yesterday's low at 0.6678.
After that the price has two nearest target levels, 0.6642 and 0.6590. The MACD indicator line is between 0.6525 and 0.6590. The main struggle for further medium-term prospects will unfold in this range.
The signal line of the Marlin oscillator completed the formation of a complex structure of divergence, and now it is in the area of the downtrend.
On the four-hour chart, the price corrects after yesterday's strong move. Resistance is at 0.6730. After completing the correction, we expect the aussie to fall further.
