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The Australian dollar has been consolidating near the ascending price channel line at 0.6550 for eight consecutive sessions. The Marlin oscillator has been consolidating above the zero line even longer—since May 28.
However, the trend remains upward. Price action is developing above both indicator lines, and nothing currently contradicts the main scenario, which suggests that the price will rise toward 0.6650 after breaking through the inner price channel line.
On the four-hour chart, the pair is testing resistance at the MACD line. A firm consolidation above the 0.6550 level (the price channel line on the daily chart) will be a clear signal of a successful breakout.
The Marlin oscillator has returned to positive territory and is now turning upward from the zero line, supporting the price movement in line with the main bullish scenario.
The only factor that could disrupt the primary outlook is if the price breaks below the support level at 0.6444, which would also mark a break below the MACD line on the daily chart.
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