Forecast for AUD/USD on May 14, 2020

AUD/USD

The Australian dollar repeated Tuesday's fluctuating scenario on Wednesday, and so it also ended the day with a moderate decline. The main conclusion of those days was the aussie's comprehension of the strength of the technical resistance of the price channel line on the daily chart. Now the price appears with more confident bearish targets: 0.6355, 0.6255 (support of the MACD line), 0.6130.

analytics5ebcbee1bb0d1.jpg

This morning the price passed the signal level of 0.6433 (May 12 low) on the four-hour chart, which indicates the beginning of a decisive price decline. The Marlin oscillator is already in the negative zone.

analytics5ebcbef4ca6cc.jpg

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