Forecast for AUD/USD on November 18, 2024

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Despite the price settling below the 0.6482 level, it is turning upward under pressure from a convergence with the Marlin oscillator. If the price consolidates above 0.6482, the target level of 0.6570 may not be reached, as the 0.6482–0.6570 range has frequently been a zone of consolidation over the past two years, containing numerous other levels within it.

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Once the correction is complete, we expect the price to reverse downward toward 0.6410, with a potential attempt to test 0.6351.

On the four-hour chart, the Marlin oscillator's signal line has surged ahead of the price, breaking out of its range and approaching positive territory.

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With such rapid growth, Marlin may quickly lose momentum and reverse downward. The nearest strong resistance level is 0.6515, corresponding to the November 6 low. The MACD line has shifted below 0.6570, providing an additional barrier to the price's upward movement.

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

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