AUD/USD

Friday's attempt by the Australian dollar to break above the price channel line (0.6552) failed due to a temporary strengthening of the US dollar (USD Index +0.28%).

The decline was halted by the daily balance line (red moving average), and the Marlin oscillator managed to secure a position in the growth territory. These are signs of an imminent consolidation above the previously tested resistance. Once this happens, the next target for the Australian dollar will be the 0.6650 level — the resistance from April 2024.

On the H4 chart, the price starts the day with a firm intention to challenge the price channel line, which has proven to be very strong resistance. If the pair manages to consolidate above this level, it could trigger a sharp, impulsive rally, with the next target at 0.6750.

However, if the bears manage to consolidate below the MACD line, under the 0.6502 mark, the Marlin oscillator will also move into negative territory. This would open the path to the 0.6446 target — breaking through the confluence of MACD lines (0.6502) across multiple timeframes.