On Monday, the Australian dollar reached the price channel line before falling by more than 50 pips and ultimately closing the day with a black (bearish) candlestick.
The preceding upward reversal of the Marlin oscillator's signal line from the zero level (marked by the arrow) still suggests the beginning of a new upward movement toward the target level of 0.6650 and possibly even higher. The Australian dollar started today with bullish momentum, i.e., with an upward move. A breakout above yesterday's high at 0.6540 would open the path to the target level at 0.6650.
On the four-hour chart, the price is forming an upward trend. Yesterday's decline does not pose a threat to the bulls. However, if there is a consolidation below 0.6472, it could delay the rise for one to two days.
If the price falls below the lower boundary of the range at 0.6394–0.6444, an alternative medium-term bearish scenario becomes possible.
