The Australian dollar traded in a 60-point range yesterday, shedding tension after Tuesday's strong decline. The upper limit of the correction was the target level of 0.6640.
The price started the day lower, but it is unlikely to fall below support at 0.6550, as market participants are preparing for tomorrow's U.S. labor report. A breakthrough of 0.6550 will open the target at 0.6455.
On the 4-hour chart, the price is falling ahead of the oscillator, and if the price falls today, ahead of the important U.S. report, it will turn into a local convergence. And so the aussie's sideways movement is supported. Let's wait for Friday.
