AUD/USD Forecast for November 25, 2020
AUD / USD
The Australian Dollar successfully took advantage of yesterday’s weakness of the US Dollar. On the weakening of the dollar index by 0.40%, 75 points (1.02%) were added to the Australian currency. The price reached the target level of 0.7380 this morning and at the same time formed a triple divergence (on the bodies of candles) with the Marlin oscillator.
With the greatest probability, the price can now turn down with an attack on the support of the Kruzenshtern line (0.7255), which coincides with the level of the lows on November 19 and 10 (and also on September 4).
On the four-hour chart, the price is above the balance line and the Kruzenshtern line. The Marlin oscillator held yesterday’s price growth in the sideways direction which may be an early sign of a reversal or correction. Fixing the price under the Kruzenshtern line (0.7342) will be the first sign of a reversal, after which it is advisable to wait for confirmation of this signal and opening short positions. Confirmation may be the departure of Marlin in the negative area, this will be approximately when the price reaches the level of 0.7330.
The material has been provided by InstaForex Company – www.instaforex.com