FX.co ★ Forecast for AUD/USD on May 6, 2020

AUD/USD

Yesterday, an attempt to push the Australian dollar ended with the currency gaining three points. Now the bears aim to push the aussie to their targets today. The first goal is the MACD line on the daily scope, at around 0.6265. Behind it is an embedded price channel line in the area of 0.6150.

Yesterday's growth stopped at the balance indicator line on the four-hour chart, which speculatively implies the market's reluctance to leave when a downward trend is forming. The price was also consolidated under the MACD line this morning. The Marlin is in a downward trend zone.

A signal for opening short positions is when the price drifts under the Monday low of 0.6374.