FX.co ★ Forecast for AUD/USD on May 19, 2020

AUD/USD

The Australian dollar chose a rising scenario on Monday, an increase of 110 points. The price lingered in the range of target levels 0.6495-0.6562, and the situation is such that overcoming one of its borders sets the aussie's direction for several days or even weeks. An exit above 0.6562 with price taking above it opens the nearest target of 0.6677, the second growth target of 0.6820. The Marlin oscillator is in the growth zone, with a previous reversal of the signal line from the border with the fall zone, and its direct signal is still in growth.

The return of the price at 0.6495 - under the line of the price channel on the daily chart, opens the first goal of falling to 0.6343 - the underlying line of this price channel. In this case, Marlin will return to the negative zone and its insignificant reversal will turn into only a special case of the correctional fluctuation of the downward trend.

The situation is upward in terms of indicators on the four-hour chart, the second and more important condition for the price to return to the downward movement can be discussed after it leaves the area under the support of the MACD line in the region of 0.6464.

We are waiting for developments.