AUD/USD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

    * The AUD/USD pair has surpassed the 0.6665 level, suggesting the possibility of an intraday bullish wave. However, resistance is observed at 0.6705, and the stochastic indicator shows negative signals.

    * There is a valid chance for the bearish wave to resume if the price breaks below 0.6665, with a target around 0.6550. A breach of the resistance at 0.6705 would invalidate the decline and potentially lead to additional gains.

    * Today's trading range is expected to have support at 0.6610 and resistance at 0.6725. Based on this, our forecast for today remains bearish.

The AUD/USD pair has successfully surpassed the 0.6665 level and established a position above it, indicating a potential formation of an intraday bullish wave. However, it is important to note that the EMA50 has acted as a significant resistance level at 0.6705. Additionally, the stochastic indicator is currently showing clear negative signals.

Considering these factors, we maintain the view that there is a valid possibility for the bearish wave to resume in the upcoming period. To provide further confirmation of the continuation of the bearish bias, it is necessary for the price to break below 0.6665.

This would pave the way for the pair to target the 0.6550 area as the next major objective. It is worth mentioning that a breach of the resistance at 0.6705 would invalidate the suggested decline and open the potential for additional gains, potentially reaching 0.6780.

For today's trading range, we anticipate support at 0.6610 and resistance at 0.6725. Therefore, our forecast for today is bearish.

AUD/USD Trade Idea

Entry Price – Sell Below 0.6710

Stop Loss – 0.6740

Take Profit – 0.6638

Risk to Reward – 1 : 1.50

Profit & Loss Per Standard Lot = +$736/ -$489

Profit & Loss Per Micro Lot = +$73/ -$48