This morning the Reserve bank of Australia raised the rate from 2.60% to the expected 2.85%. The Australian dollar did not react to the event, its growth in the morning is connected to a greater extent with the general correction of currencies after yesterday's fall. The aussie lost 60 points yesterday.
On the technical side, the correction is caused by a reversal of the signal line of the Marlin Oscillator from the zero line. But this reversal is weak - raw materials are not growing, stock indices are declining. We are waiting for the development of support at 0.6255 – the price channel line, and here the medium-term direction of the price will be decided. The bears have the advantage in choosing scenarios, since the momentum after a double reversal from the MACD indicator line of the daily chart on October 27 and November 2 has not yet dried up. With surpassing 0.6255, the 0.6195 target will become available - the underlying line of the price channel.
The four-hour chart shows a typical correction within a confident trend decline, albeit a local one. Probably, this correction or consolidation will be completed with the release of the US employment report in the evening. The forecast for Non-Farm Employment Change is 200,000, which is generally a good indicator.
