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The Australian dollar is not showing any urgency to reach the lower boundary of the descending price channel, nor is it rushing to approach the upper boundary at 0.6246. The target for the lower boundary has now shifted downward to approximately 0.6010. However, the primary goal appears to be 0.5943, which corresponds to the peak reached in January 2003.
On the daily timeframe, the Marlin oscillator has signaled a reversal from resistance formed on January 6. This could indicate that the corrective growth phase has concluded.
In the 4-hour timeframe, the price has managed to consolidate above the MACD line, while the Marlin oscillator remains in positive territory.
This setup slightly increases the probability of growth toward the upper boundary of the channel at 0.6246. Under favorable circumstances, it could potentially reach the target level of 0.6273. However, the likelihood of this scenario occurring at the current moment is estimated to be around 20%.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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