AUD/USD Daily Forecast - 6 June

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Wednesday, Jun 06 2018

AUD/USD Daily Forecast - 6 June

I wrote previously that I would be bullish if the price could bounce convincingly at 0.7621. I thought it would be a bearish sign if the price broke below that level. I was proven wrong when the price bounced strongly at 0.7600 and then went on to reach new highs above the previous swing high.

The technical picture is considerably more bullish now, so I have a bullish bias on this pair today which is enhanced by the fact that we are seeing very noticeable relative strength in both the Australian and New Zealand Dollars right now, which tells us that this pair seems to be a “hot hand” against any further declines in the U.S. Dollar over the short term.

More in this category: « GBP/USD Daily Forecast - 5 June EUR/USD Daily Forecast - 7 June »

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