FX.co ★ Forecast for AUD/USD on February 20, 2020

AUD/USD

The Australian dollar has already come close to the first target at 0.6624, formed by the Fibonacci level of 223.6% and the support of the embedded line of the price decreasing channel. When the level has been overcome, the goals are subsequently opened for the price: 0.6595 - Fibonacci level of 238.2%, range 0.6536/53, formed by the Fibonacci reaction levels of 271.0% and 261.8%.

On the daily chart, the Marlin line has a sufficient power reserve before entering the oversold zone, which indicates a high probability of achieving these goals.

On the four-hour chart, the downward trend is developing in its own way, there are no obstacles to lower prices.