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The Australian dollar avoided breaking below the lower boundary of the sideways trend range and rose by 11 pips yesterday. However, the daily-scale balance indicator line (the red moving average) restrained the price from further gains.
Today, the price will attempt to close above this line. If successful, it could lead to a move toward the upper boundary of the range at 0.6351. This is the main scenario. A consolidation below the 0.6273 level could push the price to the MACD line around 0.6210.
On the four-hour chart, the price failed to break above the MACD line yesterday. This morning, the Aussie is attempting to breach it again, with stronger support from the Marlin oscillator. A move above 0.6308 (yesterday's high) and above the MACD line would allow the AUD/USD pair to develop its upward momentum more confidently.
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