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03.06.202004:49 Forex Analysis & Reviews: Forecast for AUD/USD on June 3, 2020

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

AUD/USD

Optimistic data on the Australian economy came out this morning, on Wednesday. As we expected, GDP for the first quarter turned out to be better than forecast: -0.3% against the expected -0.4%. In addition, issued permits for new construction in April showed a decline of only 1.8% compared to expectations of -10.8%. As a result, the Australian dollar grew by 90 points in the Asian session today, breaking the upper border of the price channel (0.6937), which is why the channel disappears from our reviews until a new unambiguously readable reversal appears. The target levels are record extremes. The nearest at 0.6975 was reached this morning, the next target is the level of 0.7080. Behind it is 0.7185.

Exchange Rates 03.06.2020 analysis

The price rises very quickly with a moderate growth of the Marlin oscillator in its own narrow channel on the four-hour chart. The output of the indicator signal line from its own channel down will become a signal for a correction of the price. This can happen when the price drops below 0.6900.

Exchange Rates 03.06.2020 analysis

It is hardly possible to calculate the depth of the correction since there are many local levels in front of it, therefore, it is not advised to open sales, respectively. You can possibly retain purchases while aiming for 0.7080. It is acceptable to open short-term purchases with a price transition above 0.6975.

Laurie Bailey
Analytical expert of InstaForex
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