The Australian dollar is resting both yesterday and today, as it sharply gained on Wednesday. The respite is taking place above the MACD indicator line, its support is at the level of 0.7261. If it stays, then the aussie will continue to rise to the target level of 0.7414. The Marlin Oscillator has a hint of divergence, and this circumstance can be interpreted in two ways: the corrective growth from December 6 ended yesterday, and the second option is that the growth continues to the target level of 0.7385, and the divergence will not take place, because this is only an early sign of its formation. To confirm the divergence, the price needs to go down to the target level of 0.7227, which will automatically lead to the price settling under the MACD line.
The four-hour chart shows an additional obstacle for the bears, this is the presence of the MACD indicator line at the target level of 0.7227, which strengthens this level. It is unlikely that the market broke through strong resistances on Wednesday in order to get strong support in the opposite direction. Therefore, the main scenario is the price growth to the level of 0.7385. Consolidating above it will open the way to 0.7478 – this is the low of June 18, 2021 and the high of September 3.