On Friday, the Australian dollar made an initial downward breakthrough as it aims to reverse into a medium-term decline. On the daily chart, the Marlin oscillator transitioned to the area of the downtrend.
To fix the condition for a reversal, the price will need to settle under the MACD indicator line, which will probably already coincide with the support level of 0.6873 (low of January 19). After that, the price can reach the 0.6730 target.
On the four-hour chart, the price slows down on the sign of the Marlin oscillator turning up. The price may make a correction either from the current levels or after the target level of 0.6873 is reached.
