Thursday, January 16, 2025
The Australian dollar tested the upper boundary of the descending price channel on the daily chart yesterday and then retreated downward.
The failure to break above the channel reinforces the previously established target of 0.6010, which corresponds to the channel's lower boundary. Additionally, the signal line of the Marlin oscillator is starting to turn downward from the neutral line, where it has been consolidating for the past two days.
On the four-hour chart, the price is approaching the support of the MACD line, which may intersect at the 0.6195 level, aligning with yesterday's low. If the price breaks below this level, it would open a path toward the designated target.
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