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The Australian dollar has been waiting for signals from foreign markets for a long time, and it received them on Monday. Oil fell 2.77%, copper -2.03%, and the US dollar index rose 0.59%. The Australian dollar was down 65 points.
The daily chart shows that prices have broken the initial target level of 0.7249 and are now approaching the target level of 0.7110, then to 0.7065, after which a correction is likely, since the Marlin oscillator will be in the oversold zone by that time.
The price has firmly settled below the 0.7249 level on the four-hour chart. It is possible that the aussie will test the level from below as part of a local correction, but we are waiting for it at the target level of 0.7110. The leading Marlin oscillator does not send a reversal signal.
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