Forecast for AUD / USD for May 28, 2019

AUD / USD

Yesterday, the price touched the resistance of the embedded line of the daily price channel. Perhaps, there will be a downward price reversal, but technical indicators for such a reversal have not yet indicated. The Marlin oscillator on the daily scale chart shows strong growth, slightly declined on the four-hour scale, but the signal line still remains in the zone of positive numbers. A steady downward situation will arise after the price leaves the MACD line on H4 (0.6898), which automatically sends the Marlin signal line to H4 in the negative zone. The aim of the reduction is the support of the nested line in the price channel, around 0.6825.

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The upward movement may continue. For this, the price needs to consolidate above yesterday's high, then the goal of 0.7020 will be opened - resistance of the nested line of the price channel and the MACD line of the daily timeframe. This scenario may not be fully realized due to a sufficiently high goal against the background of the strengthening of the American dollar. Nevertheless, the market is capable of surprising.

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