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After a false breakout below 0.6410 on Friday, the Australian dollar attempted to rise toward the target resistance at 0.6482 yesterday. Currently, the price, in a more pessimistic mood, is hovering near the support level of 0.6410 as it awaits the Reserve Bank of Australia meeting. Market participants expect the current rate of 4.35% to be maintained.
On the daily chart, the price is under pressure from both sides. The upper boundary of the descending price channel and the balance line press it from above, while a double convergence with the Marlin oscillator provides upward support from below.
This technical setup could result in a clear signal. A breakout above 0.6482 would open the path to a target at 0.6570, where the MACD line is approaching. A breakout below 0.6410 would set a target at 0.6351, with further potential declines toward the support level at 0.6273, the October 2023 low.
On the four-hour chart, the price consolidated below the MACD line. The Marlin oscillator remains in the positive zone but appears to be preparing to cross below the zero line. The upcoming RBA decision will likely provide further direction for the pair.
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