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08.06.202106:11 Forex Analysis & Reviews: Forecast for AUD/USD on June 8, 2021

AUD/USD

The Australian dollar's growth from yesterday amounted to 19 points, which was enough for it to rise above the balance indicator line of the daily scale. Now the target along the MACD line 0.7795 is more likely to be attainable.

Exchange Rates 08.06.2021 analysis

But this aspiration is hampered by the Marlin oscillator, which turns down in the zone of negative values - in the downward trend area. A breakthrough of yesterday's high at 0.7767 will confirm the growth's strength. In this case, the Marlin oscillator may enter the growth zone. Consolidating above the MACD line (0.7795) opens the 0.7880 target.

Exchange Rates 08.06.2021 analysis

Yesterday the price bounced off the support of the MACD line (arrow) on the four-hour chart, which is technically a sign of a new momentum for the trend, in our case, growth. The price is above the indicator lines, Marlin is in the upward trend zone. We expect the price to rise to the 0.7795 target in line with the main scenario. Falling below the MACD line (0.7728), respectively, and below yesterday's low, will strengthen the sentiment of a market reversal with 0.7641 as the target.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Laurie Bailey,
Analytical expert
InstaForex Group © 2007-2021
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