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Yesterday's rate cut by the Reserve Bank of Australia from 4.10% to 3.85%, although widely expected, did not allow the Australian dollar to consolidate above the 0.6444 resistance level. However, upon reaching the 0.6394 support, the price sharply rebounded. Now, the "Aussie" is again attempting to break through 0.6444.
With support from the broader market (the U.S. dollar index declined by 0.10% during the Pacific session), we expect the day to close above the mentioned resistance. From there, the price faces a wide-open path toward the target level of 0.6640, with intermediate resistance at 0.6542, formed by an embedded line of the price channel.
The price has settled above the balance and MACD lines on the four-hour chart, while the Marlin oscillator also appears to be anchored in positive territory. It is now well-positioned to break above 0.6444 and consolidate there.
An alternative scenario would be a consolidation below 0.6394. However, further decline remains uncertain even in this case, as the MACD line awaits the price at the 0.6360 level on the daily chart.
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