FX.co ★ Forecast for AUD/USD on February 2, 2023

The Australian dollar managed to reverse the early signs of a reversal and got above the resistance range of 0.7090-0.7130. The Marlin oscillator is now pointing upwards and the price is aiming for 0.7284, the June 2022 high.

Data on building permits for December just came out this morning, it showed 18.5% growth. Also, the Bank of England and the European Central Bank are raising rates by 0.50%, which will most likely be reflected in the aussie's growth as well.

On the four-hour chart, the price settled above 0.7130 and above the balance and MACD indicator lines. The Marlin oscillator has consolidated in the positive area. I expect further upward price movement.