Forecast for AUD/USD on May 5, 2020

AUD/USD

The Australian dollar worked out the support for the nearest line of the price channel and reflected from it, forming a correction from the fall since April 30. The divergence on the Marlin oscillator continues to act, we expect the price to fall.

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The first target of the bears is the MACD line at around 0.6270. The second target is determined by the embedded line of the price channel of 0.6150.

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The price has overcome the resistance of the MACD line on the four-hour chart, but the signal line of the Marlin oscillator located in the negative trend zone retains high chances of the price to turn above the MACD line. A direct signal for opening sales is when the price leaves the Monday low of 0.6374.

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