After reversing from the resistance level at 0.6933, the Australian dollar is decisively heading towards support at 0.6827. The movement toward this level is happening smoothly, and the signal line of the Marlin oscillator may touch the boundary with the negative zone simultaneously with the price testing this support.
At that moment, a price reversal may occur under favorable circumstances (such as the growth of anti-dollar currencies). This is the main scenario. If the price consolidates below the 0.6827 level, it will target the MACD line and subsequently support at 0.6727.
The price has consolidated below both indicator lines on the four-hour chart, and the Marlin oscillator is deepening into bearish territory. We expect the price to test the first support level at 0.6827.
The material has been provided by InstaForex Company - www.instaforex.com #
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