Forecast for AUD/USD on February 12, 2020

AUD/USD

On Monday and Tuesday, the Australian dollar worked out our previously assumed correction range of 0.6713/37 and then it stopped waiting for further market signals. These signals will come from foreign markets, since the aussie did not react to the consumer confidence index for February, the index showed an increase of 2.3% against -1.8% in January. The next event, minutes from the last meeting of the RBA, will be published on the 18th.

Foreign markets also have a three-day lull - commodities are in a small and short range, the dollar index fluctuates in Monday's range. Today's RBNZ meeting was also calm, no changes have occurred.

analytics5e436f7464faa.png

The Australian dollar retains the potential for continued correctional growth to the level of 0.6780, to the area of convergence of the downward price channel line and the Fibonacci level of 138.2%. The level also corresponds to the peak of January 29th. The convergence on the Marlin oscillator is not great, but can still continue to operate.

analytics5e436f8a7e7e4.png

A price reversal from the achieved level of 161.8% is also possible. The signal for the development of such a scenario will be to consolidate price under the MACD line on a four-hour chart, below 0.6700. Continued growth is possible if the price is consolidated above yesterday's high.

The material has been provided by InstaForex Company - www.instaforex.com