20.02.201908:38 Forex Analysis & Reviews: Forecast for AUD/USD on February 20, 2019

Long-term review


On Tuesday, the Australian dollar grew by 34 points, following the general direction of the European currencies. The aussie's growth was stopped by the resistance line of the Krusenstern daily scale (0.7173). Consolidating the price above the level opens a target of 0.7243 - the upper limit of the daily price channel.

Exchange Rates 20.02.2019 analysis
Exchange Rates 20.02.2019 analysis

But on the four-hour chart, a double convergence was formed with the Marlin oscillator, which is a sign of a price reversal from current levels. Estimated reversal might support the Krusenstern line on H4 (0.7105), that is, to a low of yesterday, or even deeper, to support the price channel line of the daily chart at 0.7010.

The probabilities of both options for the development of prices are equal.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Laurie Bailey,
Analytical expert of InstaForex
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