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

Daily Trading Signal

• The AUD/USD currency pair is experiencing a strong bearish sentiment around the 0.6515 level.
• Failure to break above the 38.2% Fibonacci retracement level suggests a continuation of the downtrend.
• Technical indicators like RSI and MACD indicate a bearish bias, supporting the idea of a downward movement in AUD/USD.

The AUD/USD currency pair is currently exhibiting a strong bearish sentiment around the 0.6515 level. The selling pressure intensified after the pair failed to break above the 38.2% Fibonacci retracement level, which acted as a solid resistance at around 0.6555. The candlestick patterns closing below this level suggest a potential continuation of the downtrend in the Australian dollar.

On the four-hour timeframe, the RSI is below the 50 level, indicating a bearish bias, while the MACD is forming smaller histograms compared to the previous ones, signaling a strong selling pressure in the AUD/USD pair.

Furthermore, the 50-day moving average is acting as resistance around the 0.6520 level, and the candlestick closing below this moving average supports the possibility of further bearish continuation.

Therefore, the outlook for the AUD/USD currency pair today is bearish. It is important to monitor the 0.6530 level and consider short positions targeting the 0.6489 level.

AUD/USD - Trade Idea

Entry Price – Sell Below 0.65260

Stop Loss– 0.65599

Take Profit – 0.64901

Risk to Reward – 1 : 1

Profit & Loss Per Standard Lot = +$359/ -$339

Profit & Loss Per Micro Lot = +$35/ -$33