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The Australian dollar has carefully tested the target support level of 0.6482. The price and the Marlin oscillator on the daily chart are poised to form a convergence. However, since it has not yet materialized, the price may breach the current support and continue its decline to the target level of 0.6410.
This scenario appears slightly more likely, as the potential for a correction is minimal, with resistance at 0.6570 relatively high. A price movement up to this level would significantly complicate the structure of the movement, similar to the pattern observed between mid-May and late June. If the price declines to 0.6410, a subsequent correction to 0.6482 would appear more logical.
On the four-hour chart, the signal line of the Marlin oscillator is positioned within a range. Likewise, the price might enter a brief consolidation phase above the 0.6482 level. After this short pause, we anticipate the price will resume its decline toward the initial target support.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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