19.06.202405:34 Forex Analysis & Reviews: Forecast for AUD/USD on June 19, 2024

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AUD/USD

Yesterday, the Australian dollar led gains by rising 42 pips on increased risk appetite and a hawkish signal from the Reserve Bank of Australia. RBA Governor Michele Bullock has confirmed that the central bank considered hiking rates in June, not lowering them. On the daily chart, the Marlin oscillator entered the positive territory. Its signal line left its own descending channel, effectively invalidating it.

The balance and MACD indicator lines are heading upwards. The price could aim for the level of 0.6690. However, we have strong doubts about the progress of risk sentiments in the market. Yesterday, five Federal Reserve officials expressed concerns about the labor market and inflation. St. Louis Fed President Alberto Musalem even said he would support additional tightening.

On the 4-hour chart, the price is rising above the balance and MACD indicator lines, and the Marlin oscillator is rising in the bullish territory. We expect the aussie to rise moderately.

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