AUD/USD
After the Reserve Bank of Australia meeting, which kept monetary policy unchanged but hinted at a potential easing in the near future when it receives more "economic signals", the Australian dollar fell by 66 pips, reaching a daily low of 0.6547.
This level is close to the peaks of November 15, November 8, 2022, and October 4, 2022. It is likely a strong level, and in today's Asian session, the price bounced off it by more than 40 pips. Even the Marlin oscillator is turning upward without reaching the zero line. If the price surpasses the resistance level of 0.6612, it could rise towards the target level of 0.6693.
The U.S. labor data, especially the figures on new non-farm jobs out on Friday, could potentially restore the Australian dollar's downward movement.
On the 4-hour chart, the price is rising from the level of 0.6547. However, such enthusiasm warns of a possible breakdown, as was the case on December 4 from the level of 0.6693. To consolidate the rise, the price needs to overcome not only the resistance level of 0.6612 but also the MACD line around the level of 0.6630. We are waiting for further developments.
