Daily Price Outlook
The AUDUSD pair has decisively broken the 0.6665 level and settled below it, suggesting potential negative pressure in the upcoming sessions. However, the price has started today with noticeable positivity, testing the mentioned level due to the positive momentum from the stochastic indicator, indicating an attempt to resume the bullish trend.
As a result, it is preferable to remain on the sidelines until the price confirms its position concerning the 0.6665 level. It is important to note that maintaining below this level will primarily put pressure on the price to decline towards 0.6550, while surpassing it will be the key to initiating a new bullish wave with initial targets at 0.6780.
Today's expected trading range is between 0.6600 support and 0.6720 resistance.
AUD/USD Trade Idea
Entry Price – Sell Below 0.6675
Stop Loss – 0.6710
Take Profit – 0.6619
Risk to Reward – 1 : 1.60
Profit & Loss Per Standard Lot = +$550/ -$340
Profit & Loss Per Micro Lot = +$55/ -$34
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