Forecast for AUD/USD on February 22, 2021

AUD/USD

The Australian dollar gained 99 points last Friday, breaking out of a small accumulation range of 0.7765/83, and this morning it reached the Fibonacci level of 110.0%. If there is no pullback today, then the price can reach the Fibonacci level of 123.6% at the price of 0.8010 in about two days, but if a reversal from the level reached follows, then another divergence will form on the daily scale. Perhaps this particular divergence will become the reversal and the last one for the Australian dollar.

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The four-hour timescale shows that a possible reversal from the current levels is indicated by the Marlin oscillator's intention to leave the overbought zone. In this case, the price may return to the 0.7765/83 range. Getting the pair to settle below it opens the way to the 0.7625/41 range.

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

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