The Australian dollar attempted to drop below 0.6727 yesterday. However, since the morning gap was not closed, it returned above the level. Even if the Australian dollar has lost its upward potential, it may still move towards the MACD line (0.6778) while closing the gap.
The weakening of the upward potential is indicated by the Marlin oscillator, which is in a suppressed state. Consolidation of the price below 0.6772 sets the target at 0.6640. On the four-hour chart, the signal line of the Marlin oscillator has turned upwards from the zero line.
The price has moved above the 0.6727 level but remains below the balance line. The resistance level at 0.6778 is reinforced by the MACD line on the current time frame. If the euro fails to rise after the ECB meeting on Thursday, the Australian dollar is also unlikely to attempt to break this resistance.
