AUD / USD Forecast for November 3, 2020

AUD / USD

In the last two days, the Australian Dollar the range of fluctuations increased against the background of mixed dynamics in the commodity markets and the upcoming elections in the US but in general the price does not move above the level of 0.7058. It is probably choosing it as a platform for working out the nested line of the price channel in the area of 0.6937. The Marlin oscillator is in the negative trend zone.

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On the four-hour chart, the Marlin signal line has returned to the border with the growth territory. From here, a downward turn is possible and the price may fall further. The first goal is 0.6970 and overcoming it will create a condition for a breakthrough to 0.6937. Fixing the price below this level opens up the prospect of further decline.

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The material has been provided by InstaForex Company - www.instaforex.com