Forecast for AUD/USD on December 11, 2020

AUD / USD

The Australian dollar continues to outperform the market, having adopted this strategy since the beginning of November. Yesterday's growth was more than 90 points due to the formal reason for the growth of commodities (oil 0.41%, copper 2.34%). And this foundation leaves the "Australian" from under his feet. Today in the Asian session, copper is cheaper by 0.87%, natural gas is losing 0.62%.

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Despite the significant increase yesterday, the price divergence with the Marlin oscillator on the daily scale remains. The continuous growth of AUD / USD to the target level of 0.7600 will translate the divergence into the category of weak, but it will remain. Like other currencies, the Australian dollar is waiting for the end of Brexit negotiations and is ready to break down at any moment.

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Based on the four-hour scale, the Marlin oscillator entered the overbought zone and the price is likely to roll back from the reached heights on profit-taking. Nevertheless, the issue of Brexit will be resolved on Sunday.

The material has been provided by InstaForex Company - www.instaforex.com