FX.co ★ Forecast for AUD/USD on November 16, 2022

With a desperate jump of 98 pips, the aussie left the declining channel above 0.6747 on the daily chart. Now the price is trying to return to the channel, but since the channel is built on two points, it has been discontinued.

Now, to confirm the reversal, it is convenient to use the level of 0.6700 – the low of September 7th. If the support is broken, the 0.6595 target will become available. We can expect growth to develop when the price overcomes yesterday's high at 0.6799 - the nearest target will be 0.6871 - the low of August 5.

The price is consolidating in the range of 80 points on the four-hour chart. Settling will increase the likelihood of further growth, a downward price reversal will mean working out the downward potential set by the divergence. The probability of these scenarios is equal. We are waiting for the development of events.