FX.co ★ Forecast for AUD/USD on November 22, 2023

AUD/USD

Yesterday, the Australian dollar failed to reach the target level of 0.6612, closing the day at the opening level. The Marlin oscillator is getting weaker, as it starts to turn downwards, but even if it begins a sideways movement (in a range), the pair can still reach the target of 0.6612.

If the price consolidates above the level, the next target will be 0.6693. However, the market is not in a hurry because tomorrow is a public holiday in the United States.

On the 4-hour chart, the price is holding onto gains, under pressure as the divergence is not quite strong yet. If the oscillator does not turn downwards, which would correspond to a consolidation below yesterday's low on the chart, the price will gradually rise with the oscillator also reversing upwards.

If Marlin turns negative, then we hope for strong support at 0.6514, especially since it is reinforced by the MACD indicator line.