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20.11.202405:19 Forex Analysis & Reviews: Forecast for AUD/USD on November 20, 2024

The Australian dollar has been rising for four consecutive days, outpacing the market, heavily supported by convergence on the daily timeframe. However, signs of exhaustion in this movement are beginning to emerge. The Marlin oscillator is about to touch the boundary of the uptrend territory, and the price is approaching the target level of 0.6570. At this point, we may see a synchronized reversal of both the price and the oscillator downward.

Exchange Rates 20.11.2024 analysis

If the price consolidates above 0.6570, it could climb further to 0.6640. This level is very strong, coinciding with the 38.2% Fibonacci retracement. It's worth noting that the 0.6570 resistance is also close to the 23.6% retracement level.

Exchange Rates 20.11.2024 analysis

On the H4 chart, the price is currently battling with the MACD line. The Marlin oscillator shows signs of weakening. While the 0.6570 level could still be tested, a reversal from this point is highly likely, leading to a medium-term bearish move.

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Laurie Bailey,
Analytical expert of InstaSpot
© 2007-2024
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