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28.11.202204:29 Forex Analysis & Reviews: Forecast for AUD/USD on November 28, 2022

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This morning, the Australian dollar decided to form a double top on the daily chart. The base of this figure is the nearest target level at 0.6595. Crossing the base sets the next target at 0.6370. But the price has two intermediate target levels on the way, from which there can be a correction at 0.6514/32, 0.6453.

Exchange Rates 28.11.2022 analysis

Disappointing data on retail sales for October, which showed -0.2% against expectations of growth of 0.5%, was the reason why the aussie has done such a drastic move.

Exchange Rates 28.11.2022 analysis

On the four-hour chart, the price settled below the MACD indicator line, went deep under the support of 0.6700, and the Marlin oscillator entered the negative territory. Complete downward movement. We expect progress, the aussie to reach the nearest support of 0.6595.

Laurie Bailey
Analytical expert of InstaForex
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