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02.12.2022 05:37 AM
Forecast for AUD/USD on December 2, 2022

The Australian dollar rose above the 0.6799 level yesterday, the November 15 peak. Target levels have been changed. Now the price is building strength to advance to 0.6917, the September 13 peak.

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Oil gained 1.13% yesterday, gold gained 1.92% and the dollar index fell 1.25%, but the aussie added a modest 0.45%. Rumor has it that the Reserve Bank of Australia will only raise rates by 0.25% at their next meeting (December 6). All these incoming data suggest that the bullish correction which started back on October 13 is coming to an end.

A divergence with a new, flatter angle is forming on the daily chart. To complete it, it will be convenient if the price reaches the nearest target level of 0.6917. But if the price settles below 0.6799, a double weak divergence will be formed, and it is almost done.

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On the 4-hour chart, the price divergence with the oscillator is almost ready. But with important U.S. jobs data coming out today, market participants will wait a bit with the early development of technical reversal signs. We wait for the data and progress on this issue. Target levels are marked on the charts.

Laurie Bailey,
Analytical expert of InstaForex
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