Forecast for AUD/USD on May 5, 2020


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.


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.


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 -