FX.co ★ Forecast for AUD/USD on May 20, 2024

AUD/USD

The Australian dollar tried to jump towards the target level of 0.6627 on Friday but it stopped due to a minor support, after which it moved upwards and closed the day above the level of 0.6690. It also opened today's session above the level of 0.6690, and the price continues to rise towards the first target of 0.6730. If the price consolidates above this mark, the aussie may reach the second target at 0.6780.

The Marlin oscillator continues to rise, but its movement has slowed significantly. It is possible that the trend is moving towards a reversal.

On the 4-hour chart, the price stopped falling due to the support at the MACD line. Currently, the price is above the level of 0.6690.

If the aussie continues to rise, it may reach the target of 0.6730. A divergence may form with the Marlin oscillator, and the price may reverse downwards with an attempt to consolidate below the MACD line (0.6670), indicating the end of the corrective movement that started on April 19. If there is no divergence, there is a high probability that the price will reach the target of 0.6780.