Forecast for AUD/USD on November 9, 2020

AUD/USD

Last Friday, the Australian dollar was unable to follow other counterdollar currencies in growth, as investors overdid it in the previous days, outstripping the market, and so the price, having met the MACD indicator line on the daily chart, retreated for technical reasons. The price is still trying to overcome the resistance of this indicator line this morning. Success may stimulate further growth to the upper line of the price channel at 0.7332. Getting the price to settle below 0.7222 will open the bearish target at 0.7120.

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The price continues to rise with the declining Marlin oscillator on the four-hour chart. A brisk rise to 0.7332 will make it possible for a reversal divergence to form with the oscillator. Trading is currently associated with increased risk, it is advisable to wait for the situation to clear up.

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