Visually, the Australian dollar is consolidating at the support level of 0.6730 with short-term price retreats below the level by the lower shadows of the daily candlesticks. The overall consolidation range is marked by a gray rectangle.
Currently, the gap is still open, so the price will likely head towards the upper limits of the range (0.6786). The Marlin oscillator is rising ahead of the price, and so far it is interpreted as a slowdown before it falls further. The price can reach the target support at 0.6640, the area where the November 29, 2022 low is located.
On the four-hour chart, the price is above the MACD indicator line, the Marlin oscillator is in the area of growth, suggesting that the gap will close and the price will hit 0.6786. The Australian dollar as a whole is set for tomorrow's Reserve Bank of Australia meeting, where the consensus forecast is that the rate will be raised to 3.60% from the current 3.35%.
