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The Australian dollar broke below it yesterday after a brief consolidation at the 0.6351 level. Further declines have started today, and the price is moving toward the support level at 0.6273. A breach of this level would open the path to 0.6171, the low from October 2022.
At approximately this level, the price may encounter the lower boundary of the descending green price channel. The signal line of the Marlin oscillator has fallen below the convergence trendline, nullifying the previous convergence signal.
On the four-hour chart, the price is trading below both indicator lines and has consolidated below the 0.6351 level. The Marlin oscillator is also declining within the bearish trend territory. We anticipate the price reaching the next target level of 0.6273.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
