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05.11.202005:18 Forex Analysis & Reviews: Forecast for AUD/USD on November 5, 2020

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AUD/USD

On Wednesday, the Australian dollar traded in the range of 173 pips amid the excitement of the US election. However, the day closed not far from the opening. To resume the growth, the price needs to go above yesterday's high of 0.7222, the target will be the MACD line in the area of 0.7280. To resume the decline, the price needs to go below 0.7120, the nearest target will be 0.7058.

Fixation under the level will return the Australian dollar interest in working out the lower line of the price channel in the area of 0.6930. The daily Marlin oscillator is turning down, giving priority to the price reversal from current levels.

On the four-hour chart, Marlin has formed a double top, is turning around, and the price is targeting the nearest level of 0.7120.

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