empty
 
 
20.11.2024 05:19 AM
Forecast for AUD/USD on November 20, 2024

The Australian dollar has been rising for four consecutive days, outpacing the market, heavily supported by convergence on the daily timeframe. However, signs of exhaustion in this movement are beginning to emerge. The Marlin oscillator is about to touch the boundary of the uptrend territory, and the price is approaching the target level of 0.6570. At this point, we may see a synchronized reversal of both the price and the oscillator downward.

This image is no longer relevant

If the price consolidates above 0.6570, it could climb further to 0.6640. This level is very strong, coinciding with the 38.2% Fibonacci retracement. It's worth noting that the 0.6570 resistance is also close to the 23.6% retracement level.

This image is no longer relevant

On the H4 chart, the price is currently battling with the MACD line. The Marlin oscillator shows signs of weakening. While the 0.6570 level could still be tested, a reversal from this point is highly likely, leading to a medium-term bearish move.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback