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Forecast for AUD/USD on Feb 10, 2020
AUD / USD
On Friday, the Australian dollar lost 55 points, reaching a minimum of the day of the Fibonacci reaction level of 200.0% on the daily chart. Today, the “Australian” currency is slightly correcting upward during the Asian session, but this growth was enough to show the first signals of the convergence formation on the Marlin oscillator on the daily scale. However, the convergence is not strong, so we do not expect a price above the Fibonacci level of 161.8% (0.6737) in the main scenario.
On the four-hour chart, an extended double convergence was formed, which is a stronger signal than on the daily chart. Perhaps, the price will decline into a wide range for a week. The potential of the upper boundary of this range of 0.6780 is the Fibonacci level of 138.2%. On the other hand, we are waiting for the development of the price range 0.6313 / 37 (the resistance of the MACD line is the Fibonacci level of 161.8%) in the local situation.
The material has been provided by InstaForex Company – www.instaforex.com
