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FX.co ★ Forecast for AUD/USD on June 25, 2024

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Forex Analysis:::2024-06-25T03:12:50

Forecast for AUD/USD on June 25, 2024

AUD/USD

On the daily chart, the signal line of the Marlin oscillator has formed a wedge and is now close to breaking out of it. The main scenario suggests a bearish breakout with the price breaching the 0.6627 support level. In this case, the decline will extend to the MACD line, around the 0.6590 mark.

Forecast for AUD/USD on June 25, 2024

We also expect the price to breach the MACD line and fall to the target level of 0.6467 – the May 1 low. If the alternative scenario unfolds, the price, which has already consolidated above the balance line, will break above the 0.6690 level and continue to rise to 0.6730.

Forecast for AUD/USD on June 25, 2024

On the 4-hour chart, the price also consolidated above the balance line. The Marlin oscillator is in a neutral position, moving along the zero line, just below it. If the price consolidates below the MACD line (0.6643), it will be a strong argument for the bears to breach the 0.6627 support level.

Analyst InstaForex
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