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28.11.2024 08:39 AM
Forecast for AUD/USD on November 28, 2024

The Australian dollar is entering a corrective phase. On Tuesday, the AUD/USD pair set a new local low, and by Wednesday, the price climbed back above the 0.6482 level. Today's session began on a positive note, with the pair showing growth.

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In this context, the price and the oscillator have formed two divergences, which include a break. Such a break reduces the potential for any significant upward correction. It is also notable that the MACD (5, 34, 5) oscillator fails to confirm the first divergence identified by the Marlin oscillator (azure line) and regards the second divergence as weak. Additionally, the MACD moving average is expected to soon reach the 0.6640 level, likely reinforcing it and preventing the correction from exceeding this level.

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On the four-hour chart, the Marlin oscillator has tested the neutral zero line. The price has consolidated above the MACD moving average. If no bearish reversal occurs and the price does not fall back below the 0.6482 support level, the target resistance at 0.6570 is likely to be reached shortly.

Laurie Bailey,
Analytical expert of InstaTrade
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