FX.co ★ Forecast for AUD/USD on December 2, 2019

AUD/USD

The Australian dollar began to show signs of a reversal in the upward correction without testing the support of the embedded price channel line on the daily chart. Such a sign is the reversal of the signal line of the Marlin oscillator. The closest target is the resistance of the MACD line (0.6795).

On a four-hour chart, the price is between the lines of MACD and balance, the signal line of the Marlin oscillator develops in its own range. The standard scenario assumes a downward turn of the line and a corresponding price fall, but the range should be broken sometime, and taking into account the Marlin readings on the daily chart, it can be broken today by the exit of the signal line and price up.

Oil collapsed 4.63% (WTI) on Friday, natural gas fell 7.60%, copper -1.30%. We are waiting for the completion of the correction and the aussie to further fall under pressure from the US dollar and related markets.