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02.06.202105:10 Forex Analysis & Reviews: Forecast for AUD/USD on June 2, 2021

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AUD/USD

Yesterday's Reserve Bank of Australia meeting was neutral, the market's initial response to the results of the meeting was also neutral, but by the end of the day the Australian dollar gained 20 points, which is probably due to the growth of commodity markets. So oil rose in price by 2.4%, iron ore by 4.9%.

The price is above the balance indicator line on the daily scale, while the Marlin oscillator is attacking the border with the upward trend area. There is a risk of rising to the MACD line (0.7805), but if the US dollar continues its offensive in a more pronounced manner, then Marlin can stay in the negative area and the price will start preparing to overcome the signal level of 0.7690, in order to fall to 0.7641 and even to 0.7565.

The short-term situation is fully upward on the four-hour chart. The price has settled above both indicator lines - balance and MACD, while the Marlin oscillator is rising in the positive area. The probability of reaching the MACD line on the daily chart (0.7805) is about 60%. If the price moves under the MACD line at H4, below 0.7738, the trend will further fall.

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