Forecast for AUD/USD on Feb 28, 2020

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AUD/USD

The Australian dollar rose 24 points yesterday following the general weakening of the US dollar. The growth resistance was the Fibonacci level of 238.2% on the daily chart (0.6593). This is a good sign of working out the Fibonacci grid, it says that you can continue to navigate it in determining target levels.

The closest intermediate support is the Fibonacci level of 271.0% at the price of 0.6536. Overcoming the level opens the way to 314.0% at the price of 0.6457. The beginning convergence of the Marlin oscillator under the pressure of the upper forming line (solid green) may not form.

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The price is falling below the lines of balance and MACD on a four-hour chart. The Marlin convergence has been formed, expressibly worked out, and now the signal line of the oscillator is again in the negative trend zone. We are waiting for the price to move to 0.6457.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Forecast for AUSD/USD on February 28, 2020

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