Forecast for AUD / USD pair on February 26, 2019

AUD / USD pair

It took the Australian dollar two days to cover the fall of the 21st and this growth was only driven by European currencies. Again, the US administration puts pressure on the commodity market after Donald Trump tried to convince OPEC not to cut oil production and not to support oil prices yesterday. As a result, oil and iron lost by 2.78% and 1.17% ($ 87.14 per ton), respectively. Non-ferrous metals and even agricultural commodities also declined. Under such pressure, the "Australian" is unlikely to settle, even if European currencies continue to grow. Hence, we are waiting for the AUD / USD quote from the support of the price channel line in the region of 0.7000. But beforehand, the price can still grow to the upper border of the price channel to 0.7235, of course in a condition that the resistance of the MACD line (blue indicator line) on the daily chart does not stand. If the current resistance gets established, the price will not exceed yesterday's high and the Australian dollar will make a U-turn today with the second goal of 0.6885.

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The material has been provided by InstaForex Company - www.instaforex.com

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