FX.co ★ Forecast for AUD/USD on November 2, 2023

AUD/USD

The Australian dollar has surged on the back of increased risk appetite and the Federal Reserve's neutral stance. Yesterday, the S&P 500 closed the day with a 1.05% gain, and this morning the S&P/ASX200 is up by 1.27%. The yield on 5-year US government bonds fell from 4.84% to 4.63% yesterday.

On the daily chart, the price has broken above the MACD indicator line. This move coincides with a similar move on the weekly chart, where the price has risen above the MACD line. AUD/USD is set for medium- or even long-term growth. The initial target for the uptrend is 0.6514, followed by 0.6612.

On the 4-hour chart, the price has already significantly distanced itself from the MACD indicator line, and the Marlin oscillator is showing initial signs of a pullback. The price may dip slightly and prepare for further growth after the release of US employment data tomorrow, which is expected to be weaker.