Forecast for AUD/USD on February 17, 2021

AUD/USD

The Australian dollar abandoned its attempt to break through the target level of 0.7830 and declined from the target range of 0.7765/83, in relation to the effect of external forces (markets). In the daily chart, the price is still above the balance indicator line. The Marlin oscillator is directed down, but is still in the zone of the upward trend.

Now, in case that the US retail sales data does not disappoint (expected growth is 1.1% for January), then the Australian dollar will gain a good impulse to ultimately form the downward trend.

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The price is seen below the red balance line in the four-hour chart. The MACD line at 0.7720 will be the final barrier. Nevertheless, the double divergence of the price with the Marlin oscillator has been worked out entirely; in this case, the AUD/USD pair will most likely decline. The downward target is set at 0.7625/41. The MACD line on the daily chart is inclined to this range.

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

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