FX.co ★ Forecast for AUD/USD on June 1, 2020

AUD/USD

The Australian dollar has successfully realized its bullish potential, which has been accumulating for three days. This morning, the price went above the signal-target level of 0.6677 and jumped to the target level of 0.6825 - the January 2016 low. Overcoming it will allow the price to grow to the price channel line in the region of 0.6935. Now the double reversal of the signal line of the Marlin oscillator from the boundary zero line is interpreted as an enhanced trend reversal.

The price goes up on the four-hour chart, but is not in a hurry to not follow the Marlin oscillator. It even retains the ability to form double divergence. Taking into account the strong upward momentum of the daily scope, we expect the indicator to grow further on H4 without forming a divergence, but this is a signal to make purchases with a small trading volume.