At the end of last week, the Australian dollar consolidated below the weekly MACD indicator line. The price is now positioned between the embedded lines of the green price channel.
Overall, however, we observe that the price is developing within a more significant downward red channel, with the nearest target being the lower line of this channel, around 0.6255. The Marlin oscillator is also declining. Approximately at the moment the price breaks below the green channel line, the oscillator will enter negative territory and fully support the price decline.
On the daily chart, all recent attempts to break above the balance line with upper candle wicks have failed. Today, the price appears determined to overcome the nearest support at 0.6450. A consolidation below this level opens the way toward the target at 0.6374, which nearly coincides with the green line from the weekly chart.
On the four-hour chart, the price also unsuccessfully tested resistance at the balance line. The Marlin oscillator remains in positive territory for now, but a move below 0.6450 may coincide with the oscillator entering negative territory. This pattern — synchronized level breakouts — would strengthen the downward momentum.
