The market fell from its resistance zone and hit target. The price broke through the support level and updated its lows after breaking out of the support level at 1.88000. It pulled back to the level and upward trendline.〽️ I think the market might go down to test support because the trend is bearish and the resistance that was tested three times is a strong level to consider. My goal is to support level at 1.86270.
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The Australian dollar held just below $0.68, hovering at its strongest levels in five months as the latest US economic data bolstered bets that the Federal Reserve will start cutting interest rates next year.
Meanwhile, analysts suggested that the Reserve Bank of Australia will likely trail global peers in shifting to an easing cycle as it has not hiked as aggressively as other central banks, probably resulting in shallower or later cuts.
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