AUDUSD Analysis – 10-June-2024

The AUD/USD is consolidating after the price dipped to as low as 0.657. The current pullback was expected because the currency pair formed a doji candlestick today.

AUDUSD Analysis – 10-June-2024

AUDUSD Analysis – 10-June-2024

Currently, the AUD/USD is trying to close and stabilize above the 23.6% Fibonacci retracement level, while the technical indicators in the 4-hour chart signal a range market with weakening bearish momentum.

Immediate support is at $0.659. If the exchange rate remains above this level, the 38.2% Fibonacci resistance level will likely be targeted, and if the price exceeds $0.662, the 50% Fibonacci level could be the next target. This level is backed by the Ichimoku cloud.

On the flip side, if the AUD/USD bears decline the price below the immediate support at $0.659, the 0.657 level will likely be tested again, and if the selling pressure increases, the May 8th low at $0.655 should be set as the next support level.