FX.co ★ Forecast for AUD/USD on November 8, 2023

AUD/USD

The Australian dollar, which showed strong movement on Tuesday, tested the support of the MACD indicator line on the daily chart. Thanks to the rebound from this support, the price maintains its potential for growth.

The Marlin oscillator is in an uptrend. A likely target is 0.6514. If the price surpasses this mark, the next target is 0.6612. If the price falls below the support level at 0.6388, the next target will be 0.6295.

On the 4-hour chart, yesterday's decline found support at the MACD and balance lines. There is a good chance that we'll see a bullish reversal today. The Marlin oscillator is currently in bearish territory, but it still has the potential to move into the bullish territory while the price consolidates above the MACD line.