Guagliona is a fascinating word because it's a Neapolitan dialect term for a young girl or lass, rather than the standard Italian "ragazza".
Its inclusion in the song adds a touch of regional flavor and authenticity, making it stand out. The singer uses it to emphasize that the person he's looking for is unlike any other "guagliona", highlighting her unique qualities and the depth of his search for her.
Calcutta opens "Oroscopo" by shrugging off superstition: "Sono uscito stasera ma non ho letto l'oroscopo" (I went out tonight but I didn't check the horoscope). He's not going anywhere special either, just out into an ordinary night that he talks up anyway. "Non è rio de janeiro ma c'è un clima fantastico" (It's not Rio de Janeiro, but the vibe's fantastic), he sings, before chasing someone across the whole city, "ti cerco nel traffico" (I look for you in traffic), "fino al mare del baltico" (up to the Baltic Sea). Takagi & Ketra keep the beat loose and warm underneath it, so the whole thing feels like a night out rather than a breakup song, even though it is one.
The hook keeps circling back to one specific memory: "Ma io mi ricordo una scritta sul muro" (But I remember some writing on the wall), set against a drum that won't quit, "tutta la notte" (all night long). By the bridge Calcutta gets sharper, singing to someone who's dragging old baggage around like it's still playing on a screen: "Hai qualcosa di brutto alle spalle lasciato in un film" (You've got something bad behind you, left in a film). It's a song about staying out late to avoid a feeling, not to find one.