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On Wednesday, the Australian dollar forcefully broke through the support level of 0.6450. However, this level proved to be strong enough — after the breakout, the price returned above it for a correction.
The upper boundary of this correction is marked by the 23.6% Fibonacci level at 0.6475. A firm move below 0.6450, or a break below yesterday's low of 0.6429, would open the path toward the target of 0.6374 (the low from June 23). Beyond that, the price may either enter a deeper correction or continue its downward movement toward 0.6262.
On the four-hour chart, the Marlin oscillator is still far from the oversold zone, but it is already climbing from current levels in a corrective manner — likely preparing for a potential decline on Friday, the day U.S. employment data is released. For today, we expect the correction to continue.
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