The Australian dollar is showing signs of strength, aiming to rally after breaking out of an upward consolidation range between 0.6273 and 0.6351. The target level for this movement is 0.6482, which corresponds to the lows from March 5 and April 1, 2024.
This bullish trend is supported by the Marlin oscillator, which entered the uptrend territory this morning. On the four-hour chart, the price is firmly positioned above the balance line (indicated by the red moving line).
Previously, the Marlin oscillator had consolidated in positive territory. The immediate goal for the price is to establish consolidation above the resistance level of 0.6351. Successfully achieving this will be an encouraging sign for the Australian dollar ahead of the Federal Reserve meeting on Wednesday.
