AUD/USD Forecast for November 6, 2020

AUD/USD
Yesterday, the Australian dollar showed a rare side of high dynamics as its growth was just over a hundred points ahead of the Euro. The growth stopped at the daily Kruzenshtern line and this morning the price started to reverse. Leaving the price with a consolidation under 0.7222 will mean a reversal of this dynamics in the opposite direction, the first goal will be 0.7120, then 0.7058. Growth is possible with a 35% probability. To do this, the price needs to overcome yesterday's high and the target will be the upper limit of the price channel at 0.7335.

Based on the four-hour scale chart, the reversal is not yet pronounced, the indicators only show its possible beginning, albeit with a high probability. To confirm it, you need to wait for the price to fall below the nearest level of 0.7222.

Analysis are provided by InstaForex