Daily Price Outlook

  • AUD/USD finds support around 0.6490 level, trading at 0.6520.
  • Bullish inside bar pattern formed on the four-hour timeframe, indicating a potential reversal.
  • Targeting 23.6% Fibonacci retracement level at 0.6530, with further upside if resistance at 0.6555 is breached.

During the Asian session, the AUD/USD currency pair found support near the 0.6490 level and is currently trading around 0.6520. On the four-hour timeframe, a bullish inside bar pattern formed, characterized by a hammer candle followed by a strong bullish candle. This suggests a potential reversal from the previous bearish trend, with bullish momentum building.

The pair could experience a modest bullish movement, targeting the 23.6% Fibonacci retracement level at 0.6530. Further upside may be expected if the pair breaks above the resistance level at 0.6555, which coincides with the 38.2% Fibonacci retracement level. A breakthrough of the 0.6550 level could lead to the next target at the 61.8% Fibonacci retracement level around 0.6599.

However, if the pair violates the support level at 0.6490, it could decline towards the next support level at 0.6453. In summary, the 0.6490 level is likely to play a significant role as a pivot today, and traders should closely monitor for potential bullish retracement opportunities.

AUD/USD Price Chart – Source: Tradingview

AUD/USD - Trade Idea

Entry Price – Buy Above 0.64895

Stop Loss – 0.64614

Take Profit – 0.65550

Risk to Reward – 1 : 2.33

Profit & Loss Per Standard Lot = +$655/ -$281

Profit & Loss Per Micro Lot = +$655/ -$28



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