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12.11.202405:19 Forex Analysis & Reviews: Forecast for AUD/USD on November 12, 2024

Between November 7 and 8, the Australian dollar briefly broke above the 0.6640 resistance level before retreating to the 0.6570 support level, which it is now attempting to breach this morning. Simultaneously, during this price surge, the Marlin oscillator also briefly moved above the zero line.

Exchange Rates 12.11.2024 analysis

This synchronized pattern indicates that the rise was false. The upward correction has concluded. Notably, the magnitude of the correction nearly perfectly aligns with the 38.2% Fibonacci retracement level. A break below the November 8 low of 0.6561 will open the path toward the next target at 0.6482.

Exchange Rates 12.11.2024 analysis

In the four-hour time frame, the price has consolidated below the balance and MACD lines, while the Marlin oscillator is stabilizing within a narrow range, likely building momentum for further decline. We anticipate confirmation of the bearish movement through either a firm break below the support level or a breach of the November 8 low.

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Laurie Bailey,
Analytical expert of InstaSpot
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