FX.co ★ Forecast for AUD/USD on December 20, 2023

AUD/USD

Yesterday, the Australian dollar became the market leader (0.65%), hitting the target level of 0.6775. The price may experience a slight correction from this level, but then we expect further growth and a test of the upper band of the ascending price channel. In this case, the pair will slightly exceed the target level of 0.6815.

The main risk, even for a local increase, is the emerging divergence between the price and the Marlin oscillator. Therefore, in order to expect a move towards 0.6815, it is advisable to wait for a breakthrough of 0.6775. If the price consolidates above 0.6815, breaking through the upper band of the price channel, the target will be 0.6897 – the peak of July 13.

On the 4-hour timeframe, a divergence is also beginning to form. However, the uptrend remains intact, so there's a high probability of extending this movement. We are waiting for the price to consolidate above 0.6775 as per the main scenario plan.