FX.co ★ Forecast for AUD/USD on June 11, 2024

AUD/USD

The Australian dollar has found support from the daily balance indicator line. This line has now approached the Kijun-sen line, so breaking through both lines at their intersection (expected at the 0.6568 price level) could provide an additional bearish impetus.

This is particularly relevant considering tomorrow's Federal Reserve meeting. The support level at 0.6467 is the target for the downward movement, the May 1 low. The Marlin oscillator has settled in the bearish trend territory.

On the 4-hour chart, the price and oscillator are turning into a new downward wave. The Kijun-sen line intersects the resistance at 0.6627, reducing the likelihood of the price reaching this level. We expect the price to consolidate above 0.6568 until the Fed meeting.