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The Australian dollar was unable to break above the resistance level of 0.6273 after bouncing back from the lower boundary of the descending price channel. Currently, the price seems to be heading toward the critical point where the target level of 0.6171 meets the lower boundary of the price channel.
Breaking below this level will enable the pair to continue its movement toward 0.6077. In the four-hour timeframe, the signal line of the Marlin oscillator has reversed from the neutral zero line twice.
After reversing from the 0.6273 level, the price has not made any further attempts to return to that point. Indicator lines are steadily declining, and we anticipate the price will reach its first target at 0.6171.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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