Yesterday, the Australian dollar bounced from the support of the MACD line and closed the day up by 47 pips. The price edged down this morning, and the Marlin oscillator shows the intention to turn down as it approaches the neutral zero line.
The first sign of its intention to turn down is when the price crosses the MACD line (0.6910). A confirmation is when it crosses the support of 0.6873, which is the January 19 low. In case it succeeds, the 0.6730 target will become available.
On the four-hour chart, the price turns down from the MACD indicator line. The Marlin oscillator intends to move into the area of the downtrend for the second time. If the reversal does not succeed, after the price overcomes the 0.0712 high on February 9, the bulls will try to move into the target range at 0.7090-0.7130.
