FX.co ★ Forecast for AUD/USD on February 7, 2022

The Australian dollar fell by 66 points on Friday, stopping at the target support of 0.7065. At the moment, the daily chart shows the convergence of the price with the Marlin Oscillator, which suggests a resumption of growth in the target range of 0.7190-0.7227 with a likely further development to 0.7291 and above, but a strong Friday drop ahead of the market may send the price to the underlying support of 0.6950 with the formation of a double convergence. And then we will see either the final breakout of this reversal formation, or growth in the medium term. To understand the intention of the market, you should wait for a day – if the price settles at 0.7065, then double convergence is likely, if there is a price increase, then we are waiting for it to continue to 0.7190, 0.7227.

On the four-hour chart, the price has settled under the MACD indicator line, the Marlin Oscillator is in the negative area, here we see an advantage behind the downward short-term scenario. To develop growth, the price should settle above the MACD line, above 0.7090.