AUD/USD Forecast for November 4, 2020

AUD/USD

Yesterday, the Australian dollar picked up the speculative game of European currencies and showed an increase of 105 points overcoming even the Euro. This morning, the target level of 0.7190 was punctured, after which the price returned to the intermediate level of 0.7058. The downward trend will allow the Aussie to fall at 0.6935 and fixing under it will already mean fixing the medium-term fall of the Australian currency.

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Based on the four-hour chart, the signal line of the Marlin oscillator went down. The level of 0.7120 is quite strong, the consolidation is based on October 23-28 and the consolidation under it was the first sign of the price's intention to go down further. Leaving the price below 0.7058 will automatically mean a decrease under the Kruzenshtern line. Accordingly, this will be the start of a mid-term decline in the Australian dollar, which will be set by the results of the US election.

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