01.07.202405:00 Forex Analysis & Reviews: Forecast for AUD/USD on July 1, 2024

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AUD/USD

On Friday, the Australian dollar covered the entire range of target levels from 0.6627 to 0.6690. This morning, the price is falling from the upper boundary of this range. The price feels comfortable within this range and we don't expect it to leave this area by the end of the week, as American investors will only resume active trading on Friday.

If the price manages to break above 0.6690, this is likely a false signal, and the quote will quickly return to the current range. A drop below the Kijun-sen line (0.6600) will pave the way for the aussie to reach the target support level at 0.6467, which is the May 1 low.

On the 4-hour timeframe, the price is above the indicator lines, and the Marlin oscillator is in positive territory – the same situation on the daily chart. However, since the market is thin, a break above 0.6690 should still be tested over time, at least until Friday when US employment data is released.

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