FX.co ★ Forecast for AUD/USD on February 2, 2022

After yesterday's Reserve Bank of Australia meeting, which refrained from tightening rhetoric and with not very favorable statistics (retail sales in Australia decreased by 4.4% in December), but against the backdrop of a fall in the US dollar by 0.40%, the Australian dollar rose by 62 points, than formed a convergence with the Marlin Oscillator and approached the target level of 0.7171. When the price reaches this level, the Marlin Oscillator will reach the zero line - the border with the growth territory. This line is an independent support/resistance level. The synchronous achievement of levels by the price and the oscillator can become a reversal factor. Only the transition of the price above the MACD line, above the level of 0.7272, will become a condition for the medium-term price growth.

On the H4 chart, the price has consolidated above the indicator lines, the Marlin Oscillator is almost in the overbought zone, which creates a very early and very weak sign of a possible reversal from resistance 0.7171. We are waiting for the development of events.