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05.06.202305:31 Forex Analysis & Reviews: Forecast for AUD/USD on June 5, 2023

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AUD/USD:

On Friday, the Australian dollar surpassed the entire range of target levels at 1.6567-0.6628, reaching resistance at the MACD line on the daily chart. The price then retreated below the upper limit of the range and continued to fall this morning.

The signal line of the Marlin oscillator is turning downward without leaving the downtrend area. If the price falls below 0.6567 (the low of March 10), the next target is 0.6425. The uptrend persists on the four-hour chart.

There could be resistance from bulls in the upcoming medium-term decline, potentially leading to sideways movement. This is because the Reserve Bank of Australia will hold a monetary policy meeting on Tuesday, with the current rate of 3.85% expected to be maintained. To confirm the downtrend, the price needs to break below the support of the MACD line (0.6525), and the Marlin oscillator should enter the negative area.

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