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03.06.2024 08:46 AM
Forecast for AUD/USD on June 3, 2024

AUD/USD

The Reserve Bank of Australia meeting is scheduled for June 18. Before that, the Australian dollar must navigate the European Central Bank meeting on June 6 and the Federal Reserve meeting on June 12. Considering that the AUD/USD pair has been trading in a sideways range since May 15, the Australian dollar hardly has any reason to break out of this range before the ECB meeting. Formally, we're looking at a bullish situation on the daily chart since the price has been rising for three consecutive sessions, while the Marlin oscillator has been rising from the zero line (arrow).

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The market could approach the ECB meeting with a bullish bias, meaning the quote will support the resistance at 0.6690. However, if the market shows a negative reaction to the ECB meeting, the AUD/USD pair could also plunge towards 0.6627. Breaking this support level would open the target of 0.6565, the daily Kijun-Sen line.

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On the 4-hour chart, the price has settled above the Kijun-Sen line, and the Marlin oscillator is in positive territory. An uptrend on this chart. A consolidation below the Kijun-Sen line (0.6650) does not guarantee that the price will fall but it does confirm the intention to continue the pair's sideways movement within the 0.6627/90 range.

Summary
Urgency
Analytic
Yuriy Zaycev
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