FX.co ★ Forecast for AUD/USD on May 6, 2019

AUD/USD

Last Friday, the Australian dollar reached the support of the embedded line of the price channel and, together with the rest of the market, headed for a corrective growth against the US dollar. The aussie's growth was 23 points. Today, in the Asian session, commodity markets have slumped; oil -2.37%, copper -1.06%, corn -2.3%, cotton -1.93%. The Australian dollar could not withstand such pressure and decreased by 55 points, and with a gap at the opening of the session.

Formally, the price went below the price channel line on the daily chart and the signal line of the marlin oscillator turned from the boundary that separates the growth zone from the falling zone, and the price opened the target at 0.6868, but the unclosed window itself leaves the probability of growth to the MACD four-hour scale to 0.7026. On the other hand, as, for example, in November last year, when the price moved towards a 120 point gap, before turning around to close it, we can see a similar picture in the current situation, that is, first a decline to the subsequent embedded line of the price channel and only then rise to overlap the gap.

But if the gap is closed in the near future, the situation is much simpler - even more confident subsequent decrease within the price channel.