AUD/USD
The Australian Dollar has been rising for almost two weeks without significant corrections. It has been rising ahead of the currency market, against the decline in the commodity market, against forecasts of global institutions regarding a slowdown in the global economy, against the stagnation of Australian government bond yields, and against the lack of growth in the domestic stock market.
The downward reversal of the Marlin oscillator's signal line may indicate that such rapid growth may soon be followed by a similar decline or a deep correction, perhaps towards the MACD line, which coincides with a 50% correction of this two-week rally (0.6622 - the low of April 10). Surpassing yesterday's high will extend the alternative scenario with growth towards the next target at 0.6810.
On the four-hour chart, there is still a double divergence between the price and the Marlin oscillator, which could also be a descending channel. If it is a channel, the price may effortlessly break out of it to the upside. However, we currently have a downtrend, and Marlin has entered negative territory. We await the US inflation report in the evening, which could set the direction for the next few days.
