Yesterday, the Australian dollar made a corrective movement to the target level of 0.7065 - to the high of June 2020. This movement took place within the general downward movement, as the price still remains below the balance indicator line (red). The Marlin Oscillator is planning a downward reversal. Perhaps the correction will not continue. To confirm the resumption of decline, today should close below the level of 0.7065. Downside targets: 0.6950, 0.6870. Everything will be decided today after the Reserve Bank of Australia announces its decision on monetary policy.
On the four-hour chart, the price stays at the level of 0.7065 for a suspiciously long time, supported by the weakly growing Marlin Oscillator, which has already settled in the positive area. An attempt to overcome the resistance of the MACD line (0.7104) is not ruled out. Success will lead to further growth to the next target level of 0.7171. If, nevertheless, the price settles under 0.7065, then the price development will go according to the main scenario in the near future. The first downside target is 0.6950.