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

AUD/USD encountered resistance near 0.65 for several days last week. Therefore, if the Australian dollar can finally break through this area in the future, it is expected to start a new upward trend, with the extended target at 0.66, and then refer to the high of 0.6687 to 0.68 in November last year. The current chart shows that RSI and stochastic index have a tendency to pull back, so be careful of the Australian dollar turning around and falling. The downward support will look at 0.64, and the next level is estimated at 0.6340 and 0.6270, and then to 0.61. However, in the medium term, the Australian dollar is technically a head and shoulders bottom tending to test the 0.671 level, which will take time to break through in the future and another big wave will appear.

Forecast range:
Resistance 0.6550 – 0.6600 – 0.6687 – 0.6800
Support 0.6400 - 0.6340 – 0.6270 – 0.6100

Focus:
Thursday:
Australia May employment and unemployment rate (09:30)
NZD
NZD sluggish at 0.60 

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