FX.co ★ Forecast for AUD/USD on December 4, 2023

AUD/USD

This morning, the Australian dollar reached the target level of 0.6693 and retraced slightly, allowing the Marlin oscillator to form a minor divergence with the price. A correction is likely looming since the pair has been moving upwards since November 10 or it could be due to the entire upward movement between October 26 and December 4. The initial target for such a correction is the level of 0.6612. A firm break below this level opens up the target of 0.6514 (the peak of September 20).

On the 4-hour chart, the price is rising above the balance and MACD indicator lines, with the Marlin oscillator in positive territory. There are no reversal signs yet. We are waiting for them to appear.

Tomorrow, the Reserve Bank of Australia will announce its decision on monetary policy, with the market expecting the central bank to maintain the current rate of 4.35%. However, accompanying documents may provide a reversal signal. If, however, the signal is the opposite, where the price consolidates above the resistance of 0.6693, the pair may continue to rise to 0.6775.