FX.co ★ Forecast for AUD/USD on November 16, 2023

AUD/USD:

On the daily chart, the price pierced the target level of 0.6514 with the upper shadow but, unfortunately, could not close above this mark. Now, if today's session ends with a black candle, the decline will take an unpredictable turn, possibly testing support at 0.6388, near the MACD indicator line.

The Marlin oscillator is preparing to form a divergence with the price. To prevent this, the Australian dollar must rise above the level of 0.6514 by tomorrow at the latest. Simultaneously, this will open the way to the target level of 0.6612.

On the 4-hour chart, the price shows a reversal from the level of 0.6514. The Marlin oscillator is swiftly moving downward. The MACD line around the 0.6452 mark could be tested. Now if there are no disruptions to the main scenario, we expect a reversal and growth towards 0.6612. A price consolidation is also possible, bounded below by the MACD line and above by the level of 0.6514.