The aussie did not outperform ahead of today's US inflation report, staying in a trading range of 0.6628/70 for the last two days.
At the moment, the price is trying to climb above the upper limit of the range, which is facilitated by the rebound of the signal line of the Marlin oscillator from the zero line upwards. To consolidate the growth potential, the price should settle above 0.6670. The 0.6730 target will become available.
The situation on the four-hour chart shows that if the price settles on the daily chart, but the price does not overcome the MACD line (0.6700), then this consolidation will turn out to be weak or even false. Short-term growth is thereby associated with increased risk. To develop a downward movement, the price should consolidate below 0.6628.
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