06.02.202005:01 Forex Analysis & Reviews: Forecast for AUD / USD on February 6, 2020


Over the past two days, from the moment the RBA announced its vision in the Australian economy, the Australian dollar has grown a little more than 60 points. In general, the release of the RBA was moderately pessimistic, only the forecast for GDP assumed growth of 2.75% this year contrary to the current rate of 1.9%, which helped keep the Australian dollar. However, this unsteady optimism was overshadowed this morning, as Australia's trade balance for December fell from 5.52 billion dollars (and revised down from 5.80 billion) to 5.22 billion. Retail sales in the same period fell by -0.5% contrary to the expected -0.2%.

Exchange Rates 06.02.2020 analysis

On the daily chart, the price is developing between Fibonacci levels of 161.8-138.2%. The signal line of the Marlin oscillator slows growth.

Exchange Rates 06.02.2020 analysis

On the four-hour chart, the trading range by Fibonacci levels is more pronounced. The price remains above the indicator lines, but the Marlin oscillator shows a clear intention to go into the zone of negative values. Fixing the price below the MACD line 0.6730 (respectively, and under the Fibonacci level of 161.8% per day), opens the target at the point of intersection of the price channel line with the Fibonacci level of 223.6%, at the level of 0.6624.

*Analiza tržišta koja se ovde nalazi namenjena je boljem razumevanju tržišta i ne pruža instrukcije za vršenje trgovanja.

Laurie Bailey,
Analytical expert of InstaForex
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