Forecast for AUD/USD on June 2, 2020

AUD/USD

The Australian dollar showed a solid increase of 130 points on Monday, barely reaching the first target level of 0.6825 (October 2016 low). But the aussie is upbeat and ready to continue growth to the next goal along the price channel in the area of 0.6935. The Marlin oscillator in the zone of positive values.

Exchange Rates 02.06.2020 analysis

The signal line of the Marlin oscillator is looking down on the four-hour chart, but a more significant pattern is needed for a reversal sign. Possible consolidation of the price (about a day) under the level of 0.6825, after which we expect continued growth to 0.6935.

Exchange Rates 02.06.2020 analysis

This morning Australia’s optimistic balance of payments for the first quarter has already been released: 8.4 billion against the forecast of 6.3 billion and 1.7 billion in the previous period, the investor has to wait for the comments of the Reserve Bank of Australia after its meeting on monetary policy, which will be a little later, at 6:30 London time. GDP for the first quarter will be published tomorrow – the forecast is -0.4%, but there is already hope for a better indicator.

Source: Forecast for AUD/USD on June 2, 2020

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