On Thursday, neither the Marlin oscillator nor the Australian dollar could extend its gains after breaking through resistance at 0.6801. The market seems tired and may correct toward the support of the MACD line near the target level of 0.6691.
The pair opened today's session two pips below the 0.6801 level, so closing with a black candlestick will mean the price will consolidate below this level, strengthening the bearish outlook.
Gold, oil, and both base and precious metals are starting the day with declines. This trend in the commodity markets will also affect the Australian dollar.
In the 4-hour chart, the price has settled below the level and the MACD line. The Marlin oscillator has also entered negative territory. The probability of reaching the nearest support at 0.6727 is now 65%.
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