The Australian dollar could be overvalued because over the past 4 months, it outperformed other world currencies in growth. That is why it is not surprising that it is beginning to turn down, along with oil, which fell 3.1% this Monday morning. But on Friday, AUD/USD was down 65 pips, along with iron ore, which dipped 1.0%. The pair fell by another 17 pips today, hinting that it will soon reach 0.7227, then go down to the MACD line in the daily chart (0.7185) and head towards the target level of 0.7065, which is the high last June 2020.
In the four-hour chart, the pair is under the indicator lines, with the Marlin oscillator in the negative area. There is a high chance that the market will completely shift into bearish.