Yesterday, the Australian dollar fell short of the target level of 0.7171 by 11 points. The red balance indicator line, which is an empirical determinant of the market mood for buying or selling, prevented it from doing this. At the moment, today's daily candle is black.
With the Marlin Oscillator turning down, this may be the price's attempt to overcome the target level of 0.7065. The difficulty of the moment is that neither the target level of 0.7171 nor the zero line of the oscillator has been reached, which can lead to growth, for the price either to reach the levels with a subsequent turn to the downside, or to overcome the level with further growth (0.7227).
The signal line of the Marlin Oscillator is above its own linear support, which forms a convergence, and below the zero line. The signal line may stay in this range for a few more days, which, when transferred to the price, will mean sideways movement in the range of 0.7065-0.7171. In this situation, you should wait for the final formation of the mood.
On the four-hour chart, the price did not break away from the MACD line and is now rapidly approaching it again with the Marlin Oscillator turning down. But Marlin is still high, so the price may cross the MACD line before the Marlin signal line crosses the border with the bears' territory. This means that the price can make a false breakout of the MACD line, reach the level of 0.7065 and turn back to growth. That is, we see early signs of the formation of a medium-term side trend. It is likely that today's meetings: European Central Bank, the Bank of England, and the Federal Reserve on the 16th, will create a very uncertain situation with wide-range trading. It is expected that the BoE will raise the rate today from 0.25% to 0.50%.