FX.co ★ Forecast for AUD/USD on July 3, 2023

AUD/USD

On Friday, the Australian dollar broke above the resistance range of 0.6644/54, but in today's Asian session, it is retracing back below it. It is turning downwards, and the Marlin oscillator remains in a bearish zone. If the day closes below the lower band of the range, this can compel traders to aim for 0.6567 and 0.6510/23.

However, the price needs to overcome the support of the MACD line around the 0.6610 level. Climbing above Friday's high will open up the upper target of 0.6704/12. On the four-hour chart, the price turned downwards after completing a consolidation range on June 23-26.

The price was also hindered by the balance indicator line (red). The pair has a bearish bias. Nevertheless, tomorrow, the Reserve Bank of Australia is expected to raise the benchmark rate by 0.25% to 4.35%. This increases the risk of uncertainty for the pair.