AUD/USD
The Australian dollar closed Thursday down by 63 pips. The upper shadow reached the 0.6493 level - the May 26 low, and as a result, we revised the target level.
The aussie may fall to the support level at 0.6388. Consolidating below this level will extend the decline to 0.6295. If a reversal occurs before 0.6388, the price might try to surpass 0.6493 and rise to 0.6570. The MACD indicator line is approaching this target level.
On the four-hour chart, the price hasn't fallen below the balance indicator line (red), so yesterday's decline might be a correction from the previous four-day growth. The Marlin oscillator has moved below the zero line but it appears that it intends to return to the positive territory. Furthermore, near the 0.6388 level is the MACD line, reinforcing the support. Thus, the speculative range for today and the next 2-3 days is extended to 180 pips (0.6388-0.6570).
