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The Australian dollar rose by 14 pips yesterday, despite the U.S. dollar strengthening by 0.84%. The aussie's growth is attributed to a sharp increase in commodity and gold prices: oil gained 1.61%, gold rose by 1.11%, copper by 0.45%, and natural gas by 0.88%.
On the daily AUD/USD chart, a divergence has formed, and the price is approaching the resistance level of 0.6273, potentially breaking it to test the upper boundary of the descending price channel. The retest of the lower boundary of the price channel, with 0.6134 serving as an intermediate support level, has been postponed until the current correction concludes.
In the four-hour chart, the consolidation of the Marlin oscillator has taken on a wedge shape, aligning along the zero line. Since the price has successfully consolidated above the MACD line (blue moving average), a breakout to the upside appears likely. If the price settles above 0.6273, it is expected to continue rising toward the upper boundary of the price channel on the daily chart, near the 0.6312 level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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