Forecast for AUD/USD on November 23, 2020
After the price reversal from the support of the MACD indicator line on Thursday last week, the Australian dollar accelerated its growth towards the target level of 0.7380.
The optimistic indicators of business activity that were released today had provided support. Australia’s Manufacturing PMI for November rose from 54.2 to 56.1, while Services PMI rose from 53.7 to 54.9. Divergence may form when the 0.7380 level is reached with the Marlin oscillator, which will become a condition for a reversal or for a deep correction.
The four-hour chart shows that the price has overcome the resistance of the MACD line this morning. The Marlin oscillator is increasing in the growth area. We are waiting for AUD/USD near the first target of 0.7380.
The material has been provided by InstaForex Company – www.instaforex.com