FX.co ★ Forecast for AUD/USD on January 9, 2024

AUD/USD

Yesterday, the Australian dollar pierced through the support at 0.6693 (the peak on December 4) once again, and it started to rise, continuing this trend into today's Asian session. In addition, we can see that the Marlin oscillator's signal line has turned upwards from the lower band of its own channel.

It is highly likely that the price is starting an uptrend in the medium-term. We can confirm this with the Marlin moving into the positive territory and the price holding above the nearest resistance at 0.6775. Further, it is probable that the price will rise towards the designated target levels on the chart: 0.6820, 0.6874, 0.6897.

On the 4-hour chart, Marlin is optimistically developing an uptrend.

Such an oscillator signal is crucial for the price right now because it is still below the balance and MACD indicator lines. To decisively drive the Australian dollar into a medium-term uptrend, it must surpass the MACD line, which would correspond to the price approaching the level of 0.6820. The growth will probably not progress smoothly, with retracements from various levels.