Forecast for AUD/USD on May 4, 2020

AUD/USD

The Australian dollar lost 92 points on Friday, continued to decline this morning and reached support for the embedded line of the price channel, indicated on the daily chart, at 0.6374.

analytics5eaf8908db34c.jpg

Overcoming the support will allow the price to test the strength of the MACD line at 0.6270 and in case of a breakout, develop success to 0.6150. The reason for prioritizing a declining scenario is the divergence on the Marlin oscillator.

analytics5eaf891c04a38.jpg

The price has consolidated under all indicator lines on the four-hour chart, Marlin is deep in the negative zone, this shows a further decline.

So, with the price overcoming the support of 0.6374, it is possible to open a sale with a target near 0.6270.

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