For Traders

Analytical Reviews

Technical analysis

04.02.202006:08 Forex Analysis & Reviews: Forecast for AUD/USD on February 4, 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

The Australian dollar managed to grow yesterday amid a general fall in counter-dollar currencies. However, taking into account its previous decline against market growth, the slowdown in the fall can be taken as more independent. A positive moment for the ATP instruments yesterday was a certain abatement of fears regarding the Chinese coronavirus. Stock indices even showed growth: S&P500 +0.73%, today the Australian S&P/ASX200 is growing by 0.28%. The Japanese Nikkei 225 index fluctuates near zero.

But nothing has changed for the Australian dollar as a whole; it continues to move towards supporting the embedded price channel line to the area of 0.6640. A little lower is the Fibonacci level of 223.6% at the price of 0.6624. A correction of the price from this area (0.6624/40) is likely.

On the H4 chart, the price is gradually decreasing below the indicator lines, but technical support appears in the form of a trend line for the signal line of the Marlin oscillator. To overcome it, the price needs to go below 0.6670.

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.