The Nasdaq is up 10% on the year and the Australian dollar is negative year-to-date. That's not a divergence I would count on to continue.
Granted, some of it can be explained by a strong US dollar and the growing expectation the Fed will hike higher and hold for longer but AUD/USD has a way of effectively capturing global growth and the turnaround lately isn't what you want to see. It also highlights how the market has quickly soured on the China re-opening theme (perhaps prematurely).
AUD/USD is a great chart for technicians with the 200-day moving average being tested now. There's also a well-defined head-and-shoulders patter that's targeting 0.6500 in play.
All of it highlights caution but it's also a strange dynamic given that the market has undoubtedly grown more optimistic about global growth in 2023. Could the market already be pricing in a 2024 recession? I don't think so. That's why I'm skeptical of the technical signals here.
In sum, the technicals and fundamentals aren't rhyming right now and I'd suggest that argues for the sidelines more than anything.