Forecast for AUD/USD on May 12, 2020

AUD/USD

The Australian dollar no longer began to resist the general movement of the market, as it happened from May 4 to May 11, and accelerated down. The immediate goal of the aussie is the price channel line at 0.6358. The second goal is the MACD line at 0.6258, the third goal is to support the embedded line at 0.6138. The signal line of the Marlin oscillator is still in the zone of positive values, but is already close to the transition to the negative region.

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The price overcame the support of the MACD line on the four-hour chart, this is a signal to open a short position with the target of 0.6358 or lower with a strategy of longer profits. The signal line of the Marlin oscillator has penetrated into the territory of the downward trend.

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