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

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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.

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