The Australian dollar is consolidating below the resistance level of 0.6801 for the seventh day. During this time, the Marlin oscillator is declining. The consolidation pattern resembles a zigzag with a peak on August 29, which could indicate a reversal formation.
We expect the price to move towards the first support level at 0.6727. After that, struggling with the support at 0.6691, reinforced by the MACD line, is likely to follow. On the 4-hour chart, the price again consolidated below the balance line, and the signal line of the Marlin oscillator has turned away from the neutral zero line.
Commodities and metals show no desire to realize growth potential, depriving the Australian currency of external support.
