FX.co ★ Forecast for AUD/USD on June 21, 2024

AUD/USD

The Australian dollar did not get a clear signal from the European currencies' decline yesterday, so amidst the rise in the commodity market, it only fell by 14 pips.

On the daily chart, the Marlin oscillator stopped falling at the border of the downtrend territory. This morning, it appears that both the price and the oscillator intend to rise. It is highly probable that the Australian dollar will break above the resistance at 0.6690, following the pattern of false breakouts since mid-May, before it sharply falls below the support level of 0.6627.

On the 4-hour chart, the price is rising above the indicator lines, and it seems that the Marlin oscillator intends to turn upward from the zero line. We expect another small wave of growth to 0.6690, followed by a decline to 0.6627, under pressure due to adjacent markets.