FX.co ★ Forecast for AUD/USD on January 9, 2023

Pacific currencies have taken the lead in volatility since the beginning of the year. The New Zealand dollar closed Friday up 2.09% and the Australian dollar up 1.96%. The US dollar index lost 1.15%. On the daily chart, the Marlin oscillator has already moved into the bulls' territory; now it is the price's turn to move above the resistance at 0.6917.

In case it succeeds, which is quite probable due to the growth in commodities (China has resumed buying Australian coal after a two-year break due to the political circumstances), the AUD/USD pair may continue rising to the target level of 0.7048, which is the high on August 1. Then we might see the formation of a divergence (dashed lines on the chart) and a reversal of the price into a medium-term decline for a few months.

On the four-hour chart, the price continues to rise, fearlessly approaching resistance at 0.6917 (the September 13 peak). There is a high probability that it will cross this level. We are cautiously waiting for the continuation of growth.