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FX.co ★ Forecast for AUD/USD on November 6, 2024

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Forex Analysis:::2024-11-06T02:50:44

Forecast for AUD/USD on November 6, 2024

The Australian dollar held within a neutral range of 0.6570-0.6640 yesterday and this morning. This confirms the significance of these levels: if the price breaks above 0.6640, it will likely continue rising towards 0.6727, where it will encounter the MACD line. Conversely, if the price falls below 0.6570, a target of 0.6482 opens up.

Forecast for AUD/USD on November 6, 2024

The four-hour chart adds clarification: for the price to advance towards 0.6482, it needs to consolidate below 0.6570, as the MACD line and support of an unfilled gap lie just beneath this level.

Forecast for AUD/USD on November 6, 2024

The Marlin oscillator's signal line is approaching the boundary of the downtrend, indicating its neutrality and the fragile nature of the moment, undoubtedly tied to the anticipated outcome of the U.S. presidential election.

Analyst InstaForex
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