On Thursday, the Australian dollar quickly rose by 80 points and just as quickly returned to the opening level of the day. The price is experiencing significant pressure and the bulls will probably give in to this pressure. After reaching the support at 0.6873, the price can hit the next target at 0.6730.
On the four-hour chart, the price turned from the MACD line and settled under the balance line; there was a false breakout above the balance line, which considerably raises the probability of building a downtrend.
The Marlin oscillator is in the positive area. Once the price overcomes yesterday's low (0.6922), it will move into the negative area and will move in the same direction as the price. I expect the price to reach the target level of 0.6730.
This basic scenario will be canceled once the price climbs above the MACD line, above 0.7004.
Relevance up to 03:00 2023-02-11 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
