FX.co ★ Forecast for AUD/USD on May 29, 2020

AUD/USD

The Australian dollar is consolidating for the third day at the 0.6677 level (extremum of August 7, 2019, October 1, 2019, March 9, 2020, etc.). At first glance, this is a sign of continued growth, but if the price does not manage to do this before the Marlin oscillator signal line goes into the negative area, it will fall. The purpose of growth is the record level of 0.6820. In the event of a price reversal, the first goal will be to support the embedded line of the price channel at around 0.6470.

According to Marlin, divergence is observed on the four-hour chart, but the price is higher than the indicator lines of balance and MACD, which shows sufficient potential for continued growth, if not to the target level of 0.6820, then with the possibility of a false exit above the first target level of 0.6677. Departure of the price to the signal level of 0.6569 will confirm the Australian dollar in adherence to the main scenario - to initially drop to 0.6470, then to lower targets (0.6328, 0.6107).