FX.co ★ Forecast for AUD/USD on November 6, 2023

AUD/USD

The Australian dollar gained 80 pips on Friday. The price reached the target level of 0.6514 and settled above the balance and MACD indicator lines. Staying above 0.6514 means that the next target will be 0.6612.

The signal line of the Marlin oscillator has slightly curved downwards, which may indicate that it would consolidate below the reached level before it moves up.

On the 4-hour chart, the reversal of the oscillator is more pronounced, signifying a release of tension (Marlin is in a hurry) before further upward movement.

The Reserve Bank of Australia meeting will be held on Tuesday. An interest rate hike from 4.10% to 4.35% is expected. Considering that Australia has one of the highest inflation rates in the G20 (5.4%), a rate hike is quite possible.