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Yesterday, the Australian dollar's attempt to rise was unsuccessful. The upper boundary of the descending price channel was not tested, and the Marlin oscillator did not reach the neutral zero line. These factors indicate that the price may remain around its current levels, with another possible attempt to test the channel's boundary.
However, this scenario is not guaranteed. Between November 29 and December 9 (as indicated by the white oval), the price declined without touching the channel boundary, and the Marlin oscillator also remained weak. We anticipate a price decline toward the lower boundary of the price channel, around the 0.6077 level.
On the four-hour chart, there was a false breakout above the 0.6273 level yesterday.
However, the price did not fall back below the balance line, suggesting potential consolidation between this line and the 0.6273 resistance level. This could eventually lead to another breakout above that level. The Marlin oscillator also retains a positive outlook. It is important to note that a move below the MACD line at 0.6202 would definitively shift the price sentiment back to bearish.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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