FX.co ★ Forecast for AUD/USD on November 14, 2023

AUD/USD:

Yesterday, the Australian dollar showed its intention to turn upward and immediately faced resistance at the target level of 0.6388 and the MACD indicator line. The Marlin oscillator also turned upward and encountered resistance at the zero line, dividing the bullish and bearish areas.

Thus, the aussie's success in overcoming 0.6388 along with a consolidation could push the pair to rise to the target level of 0.6514. Consolidation above it will open the second target of 0.6612—a significant level that has emerged since March. An alternative scenario, which shows that price can fall to the support level at 0.6295, is also possible by breaching the November 10 low (0.6341).

On the 4-hour chart, the price is gathering strength below the target level of 0.6388. Perhaps it is waiting for the moment when the Marlin oscillator moves into positive territory to use it to attack the MACD line (0.6422). Major commodity markets (closely related to the Australian dollar) are in a bullish mood.