17.06.202406:46 Forex Analysis & Reviews: Forecast of AUD/USD pair on June 17, 2024

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AUD/USD:

On Friday, the Australian dollar broke below the support level of 0.6627 and the daily balance indicator line. Now, the target of 0.6570, the support line of MACD, is within reach. A consolidation below this level opens the path to the target level of 0.6467 (the May 1 low). The Marlin oscillator is declining within its downward channel.

On the four-hour scale, the price consolidated below the balance and MACD indicator lines, and the signal line of the Marlin oscillator remains in the downward territory. The short-term trend is decreasing, so we are watching the price at the 0.6570 level.

Data from China, published this morning, showed a decline in industrial production from 6.7% year-over-year to 5.6% year-over-year and a decrease in fixed asset investment growth from 4.2% year-over-year to 4.0% year-over-year. Asian stock indices are significantly falling (Nikkei 225 -1.92%, China A50 -0.73%, S&P/ASX200 -0.22%), dragging the Australian dollar down.

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