11.11.202106:12 Forex Analysis & Reviews: Forecast for AUD/USD on November 11, 2021

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

On Wednesday, the Australian dollar continued its downward movement towards the target set by the MACD line - 0.7325. This target almost coincides with the 61.8% retracement level of the September 29 to October 28 move, and this Fibonacci level was reached this morning.

Double convergence has been formed, now the most interesting moment has come - will the price reverse exactly from the levels or will it slightly go under them? In the event of a reversal, growth without strong corrections is presented to the target level of 0.7566 - to the lows of February 2 and March 25, 2021. Consolidation below the Fibonacci level may lead to a movement to the 76.4% retracement level at 0.7262.

On the four-hour chart, the double convergence is ready. If, however, the price continues to decline, it can be re-formed into the usual one, or it can be abolished in a natural way, therefore, on a given time scale, convergence can be neglected. The main scenario is reversal.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.