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03.03.202005:46 Forex Analysis & Reviews: Forecast for AUD/USD on March 3, 2020

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AUD/USD

The Australian dollar fulfilled the target of 0.6457 on Friday, then returned to the range of Fibonacci levels of 261.8-271.0%, and now it shows its intention to move once again to the level reached and overcome it. The intention to fall to the 0.6370 target in terms of the Fibonacci level of 361.8%, we see in the signal line of the Marlin oscillator that is extremely compressed into a wedge.

The RBA makes a decision on the rate today at 2:30 London time. Investors expect a drop from 0.75% to 0.50% as a support to the economy after losses in the extremely hot Australian summer. Also, losses due to disruptions in trade relations with China.

The price is developing under the lines of balance (indicator red) and MACD (indicator blue) on a four-hour chart, the Marlin oscillator in the territory of the bears. We are waiting for the decision of the RBA and the Australian dollar to fall in the main scenario. In an alternative scenario, the price may rise in the 0.6580-0.6600 range - to the Fibonacci level of 238.2% at the point of intersection with the embedded lines of the price channel (daily).

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