17.01.202006:09 Forex Analysis & Reviews: Forecast for AUD/USD on January 17, 2020

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

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.

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.

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%.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.