The Australian dollar has accelerated its rise, surpassing the 0.6727 level. The price is now close to reaching the upper boundary of the price channel at 0.6747.

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If speculators' optimism continues in the same spirit, the descending channel will be invalidated, and the price will aim for the 0.6800 level—the peak of July. In the 4-hour chart, the price is starting to consolidate above the 0.6727 level.

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The Marlin oscillator is also likely to be moving sideways. As Marlin enters the overbought zone on both charts, we expect a price reversal into a deep correction from either the 0.6747 or the 0.6800 level.