FX.co ★ Forecast for AUD/USD on December 8, 2023

AUD/USD

Yesterday, the Australian dollar, with overlaps, covered the entire range of levels 0.6547-0.6612. It sharply grew when the Marlin oscillator's signal line turned from the zero line.

According to technical rules, the pair can rise further by surpassing the previous day's high (0.6623), but since the US will release important data today, there may be a false breakout above 0.6623.

On the 4-hour chart, the price is consolidating just before the resistance level of 0.6612. The MACD line is slightly above it, precisely at yesterday's high. Consolidating above it will signal further growth. The Marlin oscillator is already in the uptrend territory. We are waiting for the resolution of the situation with the release of the US data.