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AUD/USD
This morning, the Australian dollar reached the target support level at 0.5943. The day opened with a downward gap, which remains unfilled for now. The Marlin oscillator is beginning to reverse out of oversold territory.
The strength of the 0.5943 and 0.6133 levels indicates that price will likely fluctuate freely within this range. However, even a breakout above 0.6133 will not guarantee a rise to 0.6273, as it will be hindered by the MACD line near the 0.6215 mark. A firm close below the lower boundary of the range will open a path to the long-term target at 0.5750.
On the H4 chart, the price is approaching an intermediate level at 0.6045 — roughly the central axis of the fluctuation zone. A breakout above this level will open the way to 0.6133.
The Marlin oscillator is showing a confident reversal, encouraging the development of a correction.
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