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11.10.202205:54 Forex Analysis & Reviews: Forecast for AUD/USD on October 11, 2022

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On Monday, the Australian dollar decisively overcame the supports of the embedded price channel lines of the weekly timeframe (green lines). Now the price is heading to the next target - to the underlying line of the price channel around the level of 0.6205. The Marlin Oscillator is starting to hint at convergence with the price, but so far this is just an indication to enter short positions with reduced volumes.

Weak data on Australia came out today. The Westpac consumer sentiment index for October fell by 0.9%, the NAB business confidence index for September fell from 10 to 5 points.

On the four-hour chart, the price settled below the level of 0.6310, the Marlin Oscillator is not turning up yet, it only consolidated on the way to the oversold zone, which indicates its intention to go deeper into this area.

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