06.11.202404:50 Forex Analysis & Reviews: Forecast for AUD/USD on November 6, 2024

Relevance up to 21:00 2024-11-06 UTC--5

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The Australian dollar held within a neutral range of 0.6570-0.6640 yesterday and this morning. This confirms the significance of these levels: if the price breaks above 0.6640, it will likely continue rising towards 0.6727, where it will encounter the MACD line. Conversely, if the price falls below 0.6570, a target of 0.6482 opens up.

The four-hour chart adds clarification: for the price to advance towards 0.6482, it needs to consolidate below 0.6570, as the MACD line and support of an unfilled gap lie just beneath this level.

The Marlin oscillator's signal line is approaching the boundary of the downtrend, indicating its neutrality and the fragile nature of the moment, undoubtedly tied to the anticipated outcome of the U.S. presidential election.

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