On the daily chart, the Australian dollar continues its decline within a descending price channel, trading below both indicator lines, which themselves are sloping downward.
However, the Marlin oscillator is persistently signaling the possibility of a reversal toward a correction, with a target of 0.6273. This could include a potential breakout that challenges the MACD line. Alternatively, if the price drops below Friday's low of 0.6142, a decline toward 0.6045 is likely to resume.
On the four-hour chart, the price is correcting toward the MACD line, which is near the 0.6192 level. If the price consolidates above this level, a further correction to 0.6273 could be anticipated. Overall, today's trading is expected to be calm.
