Forecast for AUD / USD pair on May 16, 2019

AUD / USD pair

The Australian dollar is visually flat on the daily and four-hour charts. During the daytime, the marlin oscillator signal line went below the lower limit of the consolidation range. The goal of 0.6854 is now not far away. Today, disappointment befell on investors as the data on unemployment in Australia came out from 5.1% to 5.2% in April with the previous figure being revised to deterioration from 5.0%. Parliamentary elections will be held in Australia on Saturday. The software installations of both the conservative parties in the bloc with the nationalists and the laborists are about the same as the preferences of the electorate.

On the four-hour chart, an extended price convergence with a marlin oscillator has formed, which formally may indicate the possibility of corrective growth from current levels. But at the same time, the indicator signal line fades in the wedge formation, which can provoke a sharp departure of the signal line downwards.

Based on the prevalence of the technical structure of the higher timeframe, we are waiting for the price of technical support to reach 0.6854 on the daily timeframe, followed by a correction.

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