FX.co ★ Forecast for AUD/USD on October 31, 2022

The Australian dollar reached a range of target levels of 0.6392 and 0.6453 on Friday. Consolidating below the level of 0.6392 opens the target at 0.6255 – the nearest line of the downward price channel. The Marlin Oscillator is also inclined to decrease.

On the four-hour chart, the Marlin oscillator is developing in the negative area, which contributes to the bears' initiative. But in order to develop a confident decline, the price must overcome not only the support level of 0.6392, but also the MACD line, around the mark of 0.6368.

While the price has not established itself in the decline, an alternative option for growth remains - a breakthrough above 0.6453 opens the target at 1.6514/32, into which the MACD line of the daily scale has been introduced.