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AUDUSD Price Shows Positive Momentum – Forecast for June 21, 2024

by Jennifer

AUDUSD Price Analysis

Yesterday, the AUDUSD price experienced temporary downward movement, approaching the 0.6640 level. Currently, stochastic indicators are showing positive overlaps, suggesting potential motivation for the price to resume its anticipated bullish trend in the near future. The next target for the AUDUSD pair is projected to be around $0.6728.

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Expected Scenario

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The outlook remains bullish on an intraday basis, supported by stochastic indicators and the potential for renewed upward momentum. It’s important to monitor the key support level at $0.6640; a breach below this level could signal a shift in sentiment and lead to a reversal towards lower levels.

Expected Trading Range

Traders should observe the AUDUSD pair within a trading range expected between support at $0.6620 and resistance at $0.6720. These levels are pivotal for assessing potential breakout opportunities or reversals.

Trend Forecast

The trend forecast for the AUDUSD pair remains bullish, reflecting current market dynamics and technical indicators indicating potential for continued upward movement.

Investors and traders are advised to stay informed about market developments and monitor price movements closely within the specified trading range, positioning themselves for potential opportunities aligned with the prevailing bullish trend.

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