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Let's briefly look at the struggle of the Australian dollar with the support of the MACD indicator line. The price only touched this line with the lower shadow on Wednesday, the candle closed on this line on Thursday, and this morning the price broke the Thursday low and is trying to consolidate under the MACD line.
All this is happening with the support of the Marlin Oscillator, which has already consolidated below the zero line. The immediate downside target is the August 5 low at 0.6870 (also known as the June 23 low). With consolidation below it, we expect the price to move further towards 0.6755 (November 2019 low).
The Marlin Oscillator turned up on the 4-hour chart, which indicates the price's intention to consolidate before attacking 0.6870. A sign of the completion of such consolidation will be the closing of the daily candle below the MACD line, below 0.6909, and the opening on Monday also under the MACD line. Probably, the main events will unfold on Monday. Negative events begin to ripen in the commodity market. But they must also be established.
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