The AUD/USD pair appears to be awaiting the release of U.S. labor market data while consolidating within the range of 0.6410–0.6482 alongside the Marlin oscillator, which hovers around the neutral zero line on the daily chart.
The Marlin oscillator indicates a bullish sentiment, although it has yet to successfully push the price above the resistance level of 0.6482.
U.S. labor market data could tip the scales in favor of the bulls. Interestingly, the Australian dollar could rise regardless of whether the data is "strong" or "weak," speculative growth in counter-dollar currencies can often be attributed to increased risk appetite, in line with stock market dynamics.
The strong bearish bias is underscored by the synchronized downward reversal of the price from the MACD Line and the Marlin oscillator from the zero line. For further downside movement, the price must break below the 0.6410 support level and Wednesday's low of 0.6402. A decline from these levels could extend toward the next support at 0.6351.
However, considering the neutral outlook on the daily chart, the Marlin oscillator on the H4 timeframe could potentially enter positive territory, stimulating the price to surpass the MACD Line, coinciding with today's high of 0.6458. Breaking above the morning high could pave the way toward the 0.6482 level, with further potential growth targeting 0.6570.
