FX.co ★ Forecast for AUD/USD on June 21, 2023

AUD/USD

The Australian dollar closed yesterday with a 67-point decline, creating a new support level at 0.6755. It fell due to the minutes from the latest Reserve Bank of Australia meeting, which turned out to be neutral, and the interest rate cut by the People's Bank of China.

At the moment, the aussie is also waiting for a signal from external markets, in the range of 0.6755-0.6821. Consequently, a breakthrough above 0.6821 (the peak on May 10) would give the pair a chance to retest 0.6900, while a break below 0.6755 would open up the target range of 0.6704/12.

On the four-hour chart, the price has settled below the balance and MACD indicator lines. The Marlin oscillator is in negative territory. The resistance level at 0.6821 is reinforced by the MACD line. The bears have the advantage.