The Australian dollar has closed at the same level as its opening price for two consecutive days, indicating price consolidation around the 0.6273 level. In addition to the price, the Marlin oscillator is also consolidating and moving horizontally. This raises the question: Is the price preparing for an upward surge or a downward dive?
If the MACD Line at 0.6298, which coincides with yesterday's high, is breached, we could see a target at 0.6351 reached. Conversely, if the price consolidates below 0.6273, a significant decline towards 0.5943 becomes a strong possibility.
On the four-hour chart, a divergence between the price and the oscillator is exerting downward pressure on the price. However, for a reliable signal indicating a move toward 0.5943, the price must settle below the MACD Line near the 0.6240 mark. Thus, the primary scenario remains bearish.
