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Forecast for AUD/USD on October 31, 2019

AUD / USD

On Wednesday, after the Federal Reserve decided to cut the base rate by a quarter point, the Australian dollar grew by 39 points, this morning it is adding another 22 points. Such growth made it possible for the price to overcome the upper limit of the decreasing price channel, originating from last January. The price channel is canceled. The channel of the highest scale remains on the daily chart. Currently, the price is testing one of the embedded lines of this channel. Consolidation above it will allow the price to grow even higher, to the nearest line to the area of 0.7008. The Marlin indicator does not contradict this.

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On the H4 chart, the price is firmly consolidated above the lines of balance and MACD, with Marlin in a growing position.

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The material has been provided by InstaForex Company - www.instaforex.com
via Forecast for AUD/USD on October 31, 2019
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