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02.02.2023 05:03 AM
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.

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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.

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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.

Laurie Bailey,
Analytical expert of InstaForex
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