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03.01.202411:28 Forex Analysis & Reviews: AUD/USD: Will the quotes decline?

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AUD/USD fell under pressure due to the closing positions after a half-month rally caused by the weak US dollar.

Now, anticipating the US employment data and minutes of the December meeting, risk appetite fell. But if the reports turn out to be not higher than forecasts and the meeting minutes do not reveal any radical changes in the sentiments of the Fed members, the pair, after a limited decline, may resume growth.

Technical picture and trading idea:

The pair lies at the lower boundary of the Bollinger Bands, below SMA 5 and SMA 14. RSI lies below the 50% level, declining gradually. The Stochastic indicator went into the oversold zone.

The pair could decrease to 0.6700 if it overcomes the level of 0.6750.

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