04.11.202405:01 Forex Analysis & Reviews: Forecast for AUD/USD on November 4, 2024

Relevance up to 21:00 UTC--5

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.

The Australian dollar started Monday with upward solid momentum, preceded by a gap of about 30 pips. As the price is now within the comfortable range of 0.6570-0.6640 (the consolidation from August 9-15), resistance at 0.6640 might not be reached if the price decides to close the gap. The price could also remain in this range until the first results of the U.S. presidential election are announced.

The daily Marlin oscillator is showing significant upward movement. This is a serious indicator of upcoming price movement, shifting the likelihood of the price rising above 0.6640 to more than 50%. Whether the rate reaches 0.6727 is a rhetorical question, as the initial election results could lead to unexpected and strong market moves.

The price has consolidated above the balance indicator line on the four-hour chart. The Marlin oscillator is also showing strong growth. The nearest target for the aussie is 0.6640.

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.