Yesterday, the Australian dollar gained 41 points following the euro's growth, but the target level of 0.7665, as we thought, was not reached. Continuing this idea, we can assume that today the price will turn down, tomorrow this reversal will consolidate and in a few more days the target level of 0.7500 will be reached.
The Reserve Bank of Australia will announce its plan and mood for monetary policy. The main opinion of market participants is the central bank's expectation of further economic data not only for the United States, but also for Australia, and monitoring of the Federal Reserve's actions. Therefore, for now, the central bank will maintain a dovish attitude. This event may become the main reason for the aussie's downward reversal today.
The price is above both indicator lines on the four-hour chart, but the leading Marlin oscillator is set to decline, indicating a return to the lower border of the consolidation that began on March 25.
So, we are waiting for the RBA's decision and the subsequent actions of major players.