FX.co ★ Forecast for AUD/USD on May 7, 2021

AUD/USD

The Australian dollar crossed the target level of 0.7767 yesterday and is now moving towards the second target of 0.7820. This level is the April 29 high coincides with the MACD line moving towards it. The price may mark it with the upper shadow on the release of US employment data. At the end of the day, we expect the price to move below the level of 0.7767 and subsequently decline to 0.7641 - to the high on December 17, 2020.

The price has settled above the MACD line on the four-hour chart, the Marlin oscillator is in a growing position. This creates the potential for one more and final development of the 0.7820 target level. The level may not be reached.