empty
 
 
17.01.2020 06:09 AM
Forecast for AUD/USD on January 17, 2020

AUD/USD

Yesterday, the Australian dollar made a false exit over the resistance of the embedded line of the price channel and the correction level of 38.2% (61.8% on the daily chart), which strengthened the potential for its own fall. With overcoming the support of the MACD line at 0.6875, we are waiting for the price on the line of the price channel at 0.6816, near the Fibonacci level of 123.6%. The Marlin oscillator has shown a qualitative downward reversal from the boundary of the growth territory.

This image is no longer relevant

On a four-hour chart, yesterday's jump in prices formed a reversal convergence. Price is developing on the MACD line. The Marlin oscillator does not dare to go to the territory of the bears.

This image is no longer relevant

A constraining factor was today's data on the Chinese economy: GDP for the fourth quarter showed the expected 6.0%, industrial production in December increased by 6.9% YOY against the expectation of 5.9% YOY, growth in investment in fixed assets increased from 5.2% YOY to 5.4% YOY. Retail sales were at November 8.0% YOY against forecasts of a decline to 7.9% YOY. Now it's up to US data on industrial production and construction. And since this week business activity indicators in New York and Philadelphia turned out to be better than expected, there are likelihood of better data on Industrial Production. The forecast is not very optimistic: -0.2/0.0%.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback