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Commodities are in an uptrend. Just this morning, WTI jumped by 8.8%, copper by 1.45%, gold by 1.76% and iron ore by 0.8%. AUD/USD followed these rallies, rising more than 50 pips. The pair hit the target level of 0.7415/30, and a consolidation above will prompt a further increase to 0.7500.
But AUD has already been pulled away from the general trend of the market, so a slight correction may take place. That will push the pair back to 0.7291-0.7315.
Euro will also see a correction, especially if today's economic data for Germany exceed expectations. Many forecast January orders to increase by 0.9% and retail sales to rise by 1.9%.
Although there is a slight hitch in the four-hour chart, around 0.7415/30, the Marlin oscillator, which is leading by its nature, is in no hurry to turn down. Thus, growth is still possible in AUD/USD, but if there is no reversal from the current levels, then there may be a sharp collapse from the upper target of 0.7500. In that case, the Marlin oscillator both on the daily chart and on the four-hour chart will enter the overbought zone.
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