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02.07.202104:45 Forex Analysis & Reviews: Forecast for AUD/USD on July 2, 2021

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AUD/USD

The Australian dollar fell 28 points yesterday, trying to settle below the target level of 0.7490, but also below the June low of 0.7478. Now the 0.7400/10 target range is just ahead. And just below it is the support for the embedded price channel line. The price is most likely to surpass this support in order to continue moving towards the next target at 0.7344 (October 2020 high).

The price settled below the 0.7490 target level on the four-hour chart. At this time, the signal line of the Marlin oscillator continued to move in a narrow range. This is a technical consolidation ahead of a succeeding decline. US employment data will be released in the evening. If the optimistic forecasts come true (decrease in unemployment from 5.8% to 5.7%), then we expect a steady downward price movement.

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