FX.co ★ Forecast for AUD/USD on November 14, 2019

AUD/USD

Weak data on employment in Australia was released this morning, which accelerated the aussie's fall to the intended bearish goals. Against the expectation of a 15 thousand increase in new jobs in October, the number of unemployed grew by 19 thousand. The unemployment rate increased from 5.2% to 5.3% with the share of the economically active population dropping from 66.1% to 66.0%. Weak data also came out in China, which put additional pressure on the Australian currency. China's industrial production in October slowed down to 4.7% YOY from 5.8% YOY in September, retail sales decreased from 7.8% YOY to 7.2% YOY, fixed capital investment tightened from 5.4% YOY to 5.2% YOY. Even in Japan, GDP for the third quarter was only 0.1% against the expectations of 0.2% and 0.4% in the previous period.

So, the price on the daily chart has reached the MACD line, overcoming it (0.6799) opens the way to the embedded line of the price channel in the area of 0.6757, then we are waiting to overcome this support with movement to lower goals.

On the four-hour chart, the signal line of the Marlin oscillator has turned down from the boundary with the growth territory. We are waiting for the further development of the downward scenario.