FX.co ★ Forecast for AUD/USD on November 2, 2022

Yesterday, the Australian dollar once again tested the support of 0.6392 for strength, but at the same time, the resistance of 0.6453 was also tested, and the indicator line of the daily time scale was also tested. Settling under 0.6392 opens the target along the embedded line of the price channel at 0.6255.

On a four-hour scale, the price is slightly above the support of 0.6392 and the MACD line. But weak Australian data released this morning prevents the price from exploiting its technical advantage.

The index of manufacturing activity from AIG showed a decline in October from 50.2 to 49.6. Issuance of building permits decreased by 5.8% in September.

The Marlin Oscillator, being a leading indicator, is developing in the downward trend area. Yesterday there was a reversal of the signal line of the oscillator from the zero line down. In general, we are waiting for the price to settle below 0.6392 and then move towards 0.6255.