FX.co ★ Forecast for AUD/USD on June 29, 2021

AUD/USD

The Australian dollar lost 23 points on Monday, approaching the support of the embedded price channel line (0.7542). Overcoming this line opens the nearest target of 0.7490. Below it, on the way to another line of the price channel, there is a target range of 0.7400/10.

The price has already been lying on the MACD line for four bars with a declining Marlin oscillator, and Marlin itself has moved into the downward trend zone. This is a sign of an impending downward breakthrough. First, below the level of 0.7542, then to the target of 0.7490.

An alternative scenario, with an increase in the price, is still possible, since there is no price taking below the MACD line and the signal line of the Marlin oscillator did not fall any deep below the zero line. The current situation is rather neutral, although the downside potential is higher.