FX.co ★ Forecast for AUD/USD on November 1, 2023

AUD/USD

The Australian dollar has been stuck in the 0.6295-0.6388 range for quite some time. Yesterday, after reaching the balance indicator line on the daily chart, the pair fell without even trying to rise, unlike other counter-dollar currencies. The Marlin oscillator's signal line turned downward from the zero line (arrow), separating the bearish and bullish potential.

In general, if the price falls below the support level at 0.6295 after the FOMC meeting, we expect the pair to aim for 0.6171 (October 2022 low). If the price stays above the MACD indicator line (0.6408), we expect it to rise towards 0.6514.

On the 4-hour chart, the price has settled below the balance indicator line and the MACD line. The Marlin oscillator is descending in negative territory. We expect the downtrend to remain intact.