27.06.202405:09 Forex Analysis & Reviews: Forecast for AUD/USD on June 27, 2024

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AUD/USD

Yesterday, the Australian dollar marked the target resistance of 0.6690 before closing the day at the opening level. The balance line was only breached by a shadow, as it was earlier in the day, and also this morning. The Marlin oscillator's signal line has gone down from the wedge, but the situation looks very similar to re-forming the wedge into a normal long range with the signal line tilting around the zero mark.

The price has a chance to break above the target level of 0.6690, and it may even reach the second target at 0.6730, where it could form a significant reversal divergence with the oscillator.

On the 4-hour chart, the price is climbing back above the balance and Kijun-sen lines after previously consolidating below them, a scenario we observed on June 25-26.

This shows the strength of the local sideways trend. The Marlin oscillator is trying to enter the positive territory again. The situation is uncertain, and this may last until the end of next week, which is when the US employment data is scheduled for release.

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