On Friday, the Australian dollar dropped by 70 pips with the help of falling commodity prices. A strong support level at 0.6691 and the daily MACD line were breached. The Marlin oscillator has entered the downtrend territory. The price's task is to work out the support at 0.6640.
There remains the possibility of the price breaking above the resistance at 0.6691, but if it does, it will be short-lived as it will occur within a correction. Breaching the 0.6691 level is unlikely to pass without a trace for the bulls.
In the 4-hour chart, the price consolidated below the 0.6691 level, but the bears are hindered by the price's convergence with the Marlin oscillator. This pattern may push the price above the resistance level, but as we mentioned, only for a short time.
