FX.co ★ Forecast for AUD/USD on May 12, 2021

AUD/USD

Yesterday we said that it is possible for the aussie to exit above the resistance of 0.7880 if the double top of the Marlin oscillator from the level of 0.0127 is not stronger. Of course, we didn't want the main scenario to collapse, and so, this morning the price is surpassing support at 0.7819, trying to settle below the MACD indicator line. If the price is able to settle below this level today, then its exit above the MACD line on May 7-11 will acquire the status of a false one, and this is a sign of a subsequent medium-term fall. The targets for the decline are 0.7641, 0.7565. Then 0.7500.

On the four-hour scale chart, the price drift below 0.7819 occurs simultaneously with the transition of the Marlin oscillator to the negative area. This is a sign of an unfolding attack on the MACD line (0.7795). We are waiting for the price to settle below 0.7795. Only then will our main downside scenario be confirmed.