FX.co ★ Forecast for AUD/USD on January 19, 2024

AUD/USD

The Australian dollar has rebounded from the level of 0.6528 (December 7th low), supported by commodities and an overall increase in risk appetite. In the Asia-Pacific session, the S&P/ASX200 is up by 0.88%.

The nearest target is the level of 0.6612, which coincides with the daily MACD indicator line. A break above it would open the way to the target of 0.6693, the peak from December 4th.

On the 4-hour chart, the Marlin oscillator is rising, pushing the price towards a decisive move above 0.6612, where the MACD line is approaching as well. A simultaneous breakthrough of the indicator line on two time frames could enhance the bullish momentum.