[Python] How to properly connect PostgreSQL with Django?

I'm working on a Django project and using PostgreSQL as my database. I updated my settings.py as follows:

**

DATABASES = {
'default': {
'ENGINE': 'django.db.backends.postgresql',
'NAME': 'mydatabase',
'USER': 'myuser',
'PASSWORD': 'mypassword',
'HOST': 'localhost',
'PORT': '5432',
}
}


**

However, when I run python manage.py migrate, I get the following error:

django.db.utils.OperationalError: could not connect to server: Connection refused

I have PostgreSQL installed and running. I also verified that my credentials are correct. What could be the issue?

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