The Australian dollar gained 13 pips yesterday and tested the support at 0.6640. On the daily chart, the signal line of the Marlin oscillator is directed upward, the price is aiming for resistance at 0.6730. Visually, a pattern of simultaneous price reversals from 0.6730 and the oscillator signal line from the zero line is formed. This is our main scenario.
If the price can settle above the target level, then it can continue to rise. The nearest resistance to such growth is the upper limit of the hypothetical descending green price channel (0.6757).
On the four-hour chart, the price turned upwards after receiving momentum from the area where the three technical lines coincide: the price level of 0.6640, the MACD indicator line (blue), the balance line (red). Marlin is directed upward. The price is going to attack 0.6730.
