FX.co ★ Forecast for AUD/USD on January 11, 2023

The Australian dollar was down 22 points on Tuesday, unfortunately, not clearly correlated with the commodity markets as we had hoped for in our last review of the currency pair in question. Copper was up 1.26% yesterday, while gas was down 6.9%.

There was no qualitative price breakthrough above the resistance at 0.6917 (the high on August 1, 2022). Divergence with the oscillator has already formed (lilac line), but there is still a risk of its upgrade to a less steep slope (the blue dotted line). The limit of growth is the target level of 0.7048. This issue will probably be resolved tomorrow, with the release of the US inflation report.

On the four-hour chart, the price has settled under 0.6917, but the price is still above the indicator lines and the Marlin oscillator is in the growth zone. The price can go above the resistance line without any noticeable difficulties. The first sign of the reversal is when the price crosses the MACD indicator line, going below the 0.6845 mark.