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The Australian dollar's rise above the balance and MACD indicator lines on Friday appears to be weak or false. During today's Pacific session, while the Australian market is closed for a national holiday, the price has fallen back below these lines.
If the support level at 0.6273 is breached, the AUD/USD pair is likely to accelerate its decline toward the target support level of 0.5943. This movement could be further supported by the Federal Reserve's meeting scheduled for January on Wednesday. On the four-hour chart, both the price and the Marlin oscillator have formed a renewed divergence.
The Marlin oscillator has already entered negative territory. However, there is an important factor to consider: the opening gap has not yet been filled. The price still has some time to close this gap, especially since the 0.6273 support level is reinforced by the MACD line, making it unlikely that the level will be breached without proper consolidation.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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