Forecast for AUD/USD on November 1, 2021

Friday's fall in the Australian dollar by 29 points overshadowed Thursday's gains. On a daily scale, the price divergence with the oscillator took place.

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Now we are waiting for the price to fall to the first target at 0.7445. This goal was determined at the July 2 low, and the level itself is still historically somewhat loose, especially since in the first decade of December 2020, a consolidation was formed just below this level. Therefore, we expand the target zone by the 0.7414/45 range, in which the August 2020 high is taken as the lower boundary. If the price settles below the specified range, the price may reach the support of the MACD line in the area of 0.7315.

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On the four-hour scale, the price settled under the MACD indicator line, moving away from it by 40 points, the Marlin Oscillator moved into negative territory. The trend is downward.

The material has been provided by InstaForex Company - www.instaforex.com

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