12.11.202405:19 Forex Analysis & Reviews: Forecast for AUD/USD on November 12, 2024

Relevance up to 21:00 UTC--5

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Between November 7 and 8, the Australian dollar briefly broke above the 0.6640 resistance level before retreating to the 0.6570 support level, which it is now attempting to breach this morning. Simultaneously, during this price surge, the Marlin oscillator also briefly moved above the zero line.

This synchronized pattern indicates that the rise was false. The upward correction has concluded. Notably, the magnitude of the correction nearly perfectly aligns with the 38.2% Fibonacci retracement level. A break below the November 8 low of 0.6561 will open the path toward the next target at 0.6482.

In the four-hour time frame, the price has consolidated below the balance and MACD lines, while the Marlin oscillator is stabilizing within a narrow range, likely building momentum for further decline. We anticipate confirmation of the bearish movement through either a firm break below the support level or a breach of the November 8 low.

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