FX.co ★ Forecast for AUD/USD on October 31, 2024

Each day leading up to the U.S. elections, the Australian dollar shows increasingly erratic movements, diverging from indicator signals, yet its fluctuations remain within a narrow and steep descending channel.

In efforts to confound speculators, the pair targets 0.6410 — the lower boundary of the local channel. Slightly below lies another target, the range of April and August lows at 0.6351/65. The close of today's session opens the first downward target at 0.6482.

On the H4 chart, the price has settled below the MACD line. The Marlin oscillator is conducting the process of consolidation in the downtrend territory.

The next step is for the price to consolidate below the 0.6570 level firmly.

For an upward movement, merely settling above the MACD line or breaking yesterday's high will not be sufficient. A breakout above the upper boundary of the price channel on the daily chart, at 0.6607, is essential for a sustained rise.