AUD – Australian dollar encounters resistance at 0.65, risk of correction increases

After a sharp rise in early April, the Australian dollar against the U.S. dollar has been trading sideways in a rather narrow range since then; the low is around 0.63, while the upward movement is often restricted by the 0.65, which means that the fluctuation has only been more than 200 points in the past two months. Although it rose to 0.6545 last week, it has been unable to rise again since then, and the overall situation is still waiting to change; even the RSI and stochastic index in the chart are only fluctuating in a narrow range, and no obvious direction is indicated. It is expected that 0.6550 and 0.66 will still be important levels, and the breakout will extend to 0.6690 and 0.6760. The lowest support will look at 0.6450 and 0.64, and the next level is estimated to be 0.6340 and 0.6270, and then to 0.61 level.

Forecast range:
Resistance 0.6550 – 0.6600 – 0.6690 – 0.6760
Support 0.6450 - 0.6400 – 0.6340 – 0.6270 – 0.6100

Focus:
Wednesday:
Australia May CPI (09:30)

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