Forecast for AUD/USD on May 11, 2020

AUD/USD

The Australian dollar grew by 36 points. The aussie can continue to grow to the 0.6665 level (the September 2019 low, December 2018 low), and then a double divergence will form on the daily chart on the Marlin oscillator, which will soon turn the price down.

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If the price returns to the nearest support of the embedded line of the price channel at around 0.6508, the option with the price increase is canceled, the price will go to support at around 0.6358. Below this level is the second target and strong support on the MACD line at around 0.6258. Overcoming this level turns the trend into a medium-term decline.

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The price is above both indicator lines, the Marlin oscillator in the zone of positive values is an upward trend on the four-hour chart. Carefully observe this growth and look forward to a price reversal in the region of 0.6665.

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