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Forecast for AUD/USD on November 8, 2021

The Australian dollar settled below the target level of 0.7414 on Friday. The Marlin Oscillator has consolidated below the zero line and is pulling the price down. But the price itself on the daily chart is still above the balance indicator line (red), which indicates the current price fall as a correctional one. The price can reach the MACD indicator line (0.7320) as the closest technical support and turn upwards from it, in continuation of the main growing trend.

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On the four-hour chart, the price has formed a convergence with the Marlin Oscillator. This may mean the succeeding growth of the price, its development in the 0.7424/45 range. However, this will not yet mean a reversal of the price to growth to the first serious target level of 0.7566, for this the price needs to fulfill a number of conditions that are not simple and not quick to implement. The first of them is an exit above the MACD indicator line, above the level of 0.7480. According to the main scenario, a price delay in the 0.7424/45 range will mean its consolidation before further falling towards the specified target on the 0.7320 daily chart.

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