FX.co ★ Forecast for AUD/USD on June 29, 2023

AUD/USD

Yesterday, the Australian dollar accomplished a huge task, and today it may take a short break. The aussie surpassed the target range of 0.6644/54 and the MACD indicator line on the daily chart.

From a technical perspective, the price has stalled at this indicator line and may undergo a small consolidation before further advancing towards 0.6567 (the low of March 10). Breaking below the support opens up the target range of 0.6510/23.

The price and Marlin have formed a convergence on the 4-hour chart. The standard correction range is set at 0.6644/54.

If the AUD surpasses the resistance level, the price may rise to the consolidation range of 0.6668/88 on May 23-26. If the price remains below yesterday's low, it will allow the price to aim for 0.6567 and initiate a correction from that level. The slope of the convergence on the oscillator will become more gradual.