08.11.202406:55 Forex Analysis & Reviews: Forecast for AUD/USD on November 8, 2024

Relevance up to 22:00 2024-11-08 UTC--5

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Yesterday, the Australian dollar rose by more than 100 pips, likely a delayed reaction to the Reserve Bank of Australia's decision to hold its rate steady on Tuesday, as U.S. elections overshadowed the markets earlier. Additionally, commodities rallied yesterday, and counter-dollar currencies strengthened overall.

The Marlin oscillator has moved into the growth zone, aiming to push the price toward the target level of 0.6727. Slightly above this level lies the MACD Line. If the price fails to overcome this robust resistance, a reversal into a new medium-term downward wave is likely, with the first key target at 0.6482.

On the H4 chart, the price has consolidated above both indicator lines and the resistance level at 0.6640, which now supports the ongoing correction. The Marlin oscillator has turned downward, shedding tension ahead of the anticipated growth. If the price succumbs to corrective declines and consolidates below 0.6640, a return to the 0.6570 level is likely.

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