Forecast for AUD/USD on May 22, 2020

AUD/USD

The Australian dollar lost 30 points as a result of yesterday - a double divergence across Marlin began to take effect, which became more pronounced. The immediate goal for moving down to 0.6492 is to support the embedded line of the price channel. Overcoming the first support opens the way to the second at 0.6338.

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The price overcame support of the signal level 0.6562 (May 11 high) on the four-hour chart, consolidating below which will give rise to a downward movement. The signal line of the Marlin oscillator is already close to the boundary of the bears' territory.

Commodity prices are dropping for the second consecutive day, this important external factor can put strong pressure on the Australian currency.

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