On Tuesday, the Australian dollar fluctuated within the entire range defined by the daily MACD line and the target resistance level of 0.6273. However, today it has begun to pull back from that level.
The Marlin oscillator indicates weakness, displaying a sluggish reaction to the price increase observed over the past two days. If the price falls below yesterday's low of 0.6190, this would suggest a breach of the MACD support line, indicating a resumption of the downward movement. Conversely, if the price consolidates above 0.6273, the next target would be 0.6351.
On the four-hour chart, the price is encountering double resistance from both the target level and the balance indicator line. Even if it breaks through this resistance, the price is likely to face further challenges at the MACD line located at 0.6305, which may hinder movement. Without substantial external support, the price could reverse from current levels.
A key event to watch this week is the U.S. employment report scheduled for release on Friday, which is generating optimistic expectations.
