For Traders

Analytical Reviews

Technical analysis

01.12.202004:59 Forex Analysis & Reviews: Forecast for AUD/USD on December 1, 2020

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

AUD/USD

The Australian dollar fell by 44 points against the background of yesterday's strengthening of the US dollar. The price returned to the area below the technical level of 0.7380 and finally formed a double divergence with the Marlin oscillator. The price is facing the nearest target of 0.7252 - the MACD line on the daily chart. If the downward movement is strong, then the specified line will be broken, consolidation on the MACD line is possible for some time, so it would be more appropriate to speak about the target range of 0.7222/52, its lower border was formed by the lows of November 12 and September 4.

The four-hour chart shows that the price has settled below the MACD line, while Marlin has penetrated deep enough into the downward trend zone. We are waiting for the aussie to fall towards the specified target range.

The Reserve Bank of Australia will announce its decision on monetary policy today at 3:30 (London time). We do not expect any changes, but a number of media outlets are leaning towards a negative interpretation of the central bank's economic outlook, which is associated with friction with China and uncertainty about Brexit. However, if Great Britain is ready to leave the EU without a deal, then RBA leaders already know about it.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.