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Throughout Thursday, the Australian dollar consolidated above the 0.6273 level, further confirming the consolidation above the indicator lines. The Marlin oscillator is currently moving sideways but retains upward potential. The nearest target for growth is the resistance level at 0.6351; consolidation above this level would pave the way toward 0.6482.
If today's U.S. employment data comes in strong (which seems unlikely), a break below the MACD line around 0.6240 could lead the price to the intermediate level of 0.6133.
On the H4 chart, the price is trying to break out of the expected range (gray rectangle) to the upside. The likelihood of an upward breakout is high, as the price action is developing above both the balance and MACD indicator lines. The Marlin oscillator has slightly reset its momentum, relieving some tension from February 5, and appears ready for a new wave of growth.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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