FX.co ★ Forecast for AUD/USD on May 7, 2020

AUD/USD

The aussie fell by 28 points on Wednesday, under the general pressure of the US dollar, and this morning it did not reach the first support of the enclosed price channel line. In general, we do not expect that the divergence on the Marlin Oscillator on the daily chart will be violated and the price will restore a growing trend. To do this, the price will need to overcome the resistance of the upper line at around 0.6508.

Overcoming the May 4 low (0.6374) opens the immediate goal of 0.6265 - support for the MACD line. Overcoming this support will open the second target of 0.6150 - support of the lower price channel line.

The price has consolidated below the MACD line on the four-hour scope, the Marlin oscillator is staying in the declining trend zone.