Image Source: DepositPhotosThe Australian Dollar is on a corrective reversal from multi-month highs at 0.6870, reaching intra-day lows right below 0.6800 as the US Dollar pares previous days’ losses in a light trading session.

The pair is on track to end the year practically unchanged as the last two months’s rally has contributed to erasing losses after a sharp decline in the first half of the year.

The US Dollar is regaining lost ground on the last trading day of the year, although yet with market speculation of Fed cuts in 2024 is likely to limit gains.

In the calendar today, the Chicago PMI is expected to confirm the softer economic outlook suggested by the higher-than-expected jobless claims and the stalling home sales seen on Thursday.

From a broader perspective, the bias remains positive, with the current reversal seen as a correction from overbought levels. Immediate support lies at 0.6780 and below here, 0.6720. On the upside, resistances are at 0.6845 and 0.6870.Technical levels to watchAUD/USD

OVERVIEW Today last price 0.6796 Today Daily Change -0.0035 Today Daily Change % -0.51 Today daily open 0.6831

 

TRENDS Daily SMA20 0.6694 Daily SMA50 0.6552 Daily SMA100 0.6481 Daily SMA200 0.6582

 

LEVELS Previous Daily High 0.6871 Previous Daily Low 0.6824 Previous Weekly High 0.6825 Previous Weekly Low 0.669 Previous Monthly High 0.6677 Previous Monthly Low 0.6318 Daily Fibonacci 38.2% 0.6842 Daily Fibonacci 61.8% 0.6853 Daily Pivot Point S1 0.6813 Daily Pivot Point S2 0.6795 Daily Pivot Point S3 0.6766 Daily Pivot Point R1 0.686 Daily Pivot Point R2 0.6889 Daily Pivot Point R3 0.6907

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