FX.co ★ Forecast for AUD/USD on June 5, 2024

AUD/USD

Yesterday, the Australian dollar's decline was no weaker than its rise on Monday, and it happened while trading volumes were high. This morning, Australia released reports on the Ai Group Manufacturing Index for May, which plummeted from -13.9 to -31.1, and the Ai Group Construction Index, which fell sharply to -68.1 from -25.6 – the worst value in its history.

Even at the height of the mortgage crisis in 2008/9, the weakest reading was 29.5. The price will likely break the support at 0.6627 and reach the support of the MACD line around 0.6565. The Marlin oscillator is already anticipating a break of the zero line.

On the 4-hour chart, the Marlin oscillator has already settled in the bearish territory. The price is slightly consolidating on the MACD line. We expect the price to overcome this support and settle below the 0.6627 level.