Forecast for AUD/USD on December 4, 2020

AUD/USD

Yesterday the Australian dollar decided to support the euro and the pound's growth on extended negotiations until the weekend. The price has reached the target level of 0.7440 while maintaining a triple divergence with the Marlin oscillator on the daily chart.

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US employment data will be released today, with unemployment forecast for November being 6.8% versus 6.9% in October. Investors are given a convenient time to close long positions. Still, we are waiting for a reversal to the nearest target of 0.7340, formed by multiple extremes since mid-September. Getting the pair to settle below the level opens the target range of 0.7222/58.

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The four-hour chart shows that the Marlin oscillator shows the first sign of a reversal. The price is trying to move below the target level of 0.7440. We are waiting for the development of the downward movement. The intermediate target for a decline to 0.7395 is the MACD level at the H4.

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