FX.co ★ Forecast for AUD/USD on January 11, 2024

AUD/USD

On the daily chart, the Marlin oscillator has left the descending channel, but we are not in a rush to abandon the main bullish scenario just yet because the price has been rising for the second day.

All the breakthroughs of the support at 0.6693 did not lead to a consolidation below that level; the price hasn't even tried to attack the support of the balance line. Therefore, the market rule comes to the forefront: if the price can't fall, it will rise. Marlin's exit from the channel by moving downward may turn out to be as false as the price's breakthroughs of the 0.6693 level. Bullish targets are 0.6775, 0.6820, 0.6874/97.

On the 4-hour chart, the price has returned above the balance indicator line, and the Marlin oscillator has settled in the uptrend territory. The price has enough potential, at least, to attempt to challenge the MACD line near the target level of 0.6775. We will find out whether the price succeeds or not with today's highly anticipated US inflation data.