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The Australian dollar experienced a notable decline of 58 pips yesterday, with the Marlin oscillator settling in bearish territory. However, this is not yet a signal for a developing downtrend. The lower shadow of the candlestick tested the support level at 0.6273, which marks the lower boundary of the free-range zone between 0.6273 and 0.6351.
The upper boundary of this range may even be higher, currently defined by the low reached on August 5, 2024. If the price consolidates above this level for a third time, it would target 0.6482, indicating a potential return of the Marlin oscillator to positive territory. Additionally, the MACD line is showing an upward trend, which suggests a possible medium-term rise. A substantial move below 0.6273 would pave the way toward the MACD line at 0.6205.
On the 4-hour chart, the price is currently squeezed between the support at 0.6273 and the MACD line. According to the main scenario, we anticipate that the price will consolidate above 0.6310, continuing its rise toward 0.6351.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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