FX.co ★ Forecast for AUD / USD pair on November 28, 2018

AUD / USD pair

The Australian dollar is optimistic about Trump and Jinping's meeting this weekend. It is assumed that trade relations between the United States and China may improve through this meeting. But such growth seems to us to be groundless from a fundamental point of view since the improvement in relations between China and the United States will lead to a weakening of the yuan, which cannot but have a similar effect on the "Australian". Commodity markets continue to decline (iron ore -2.11%). Copper lost 1.36% from the opening of the week.

On the four-hour chart, the price maintains a downward trend. Marlin's leading indicator remains in a declining territory today in the Asian session. Yesterday, short-term growth was halted for the second time by the MACD line. Our main scenario assumes the return of the price under the embedded trend line of the daily price channel channel (0.7210) with a further decline of the Australian dollar to target the support for the MACD line on a daily basis at 0.7170 and further to support for the downward trend line of the price channel at 0.7110.