FX.co ★ Forecast for AUD/USD for November 5, 2018

AUD/USD

In the past two days, the Australian dollar added more than 180 points. The price came out of the 10-month price channel that is moving down, and now it has acquired a new look:

Apparently, the "aussie" decided to take part in a big financial game on the occasion of the elections to the US Congress. The goals of this game are unclear. We do not think that a small change in the qualitative composition of Congress will change the policy of the Federal Reserve or other state and supranational institutions. If there is a price surge up, which will be definitely corrective, since even without an election, a 10-month trend would require detente at any other important event (Brexit), and upon its completion a downtrend will return, we see the following immediate targets: 0.7251, 0.7316 . If there is no price surge, the goals can be defined as follows: 0.7097 - support for the nearest nested trend line in the price channel, 0.6930 - support for another, downstream trend line. On the way to 0.7097 in front of the price, there is an intermediate support in the form of a Krusenstern trend line on the daily chart.