The Aussie has been trapped inside a very narrow trading range between the support level 0.7400 and resistance level 0.7620. However, as long as we stay above the big psychological number 0.7500 on a daily closing basis, we should expect the bullish momentum to prevail. But only a break and a daily close above 0.7620 can signal a material change in the trend, which can open the door for a retest of resistance level 0.7700. The stochastic indicator is in overbought territory which can give the bears another change to challenge the big round number 0.7500. Only a daily close and break below 0.7400 can open the door for more bearish action. RBA’s recent hawkish tone can support the bullish case for the AUD/USD. The RBA revised higher its inflation forecast while the economic growth activity is expected to top 3.25% by year end. If the economy continues to improve we should expect the market to start pricing in higher interest rates. Previous USDCHF Monthly and Weekly Forex Forecast

AUDUSD Monthly Forex Forecast for June 2018