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

Daily Price Outlook

• AUD/USD has shown a bullish run, breaking above the 0.6585 resistance level.
• A bullish engulfing candlestick pattern suggests strong momentum and bullish sentiment.
• Target levels for further upward movement are 0.6640 and 0.6675.

The AUD/USD currency pair has experienced a bullish run, breaking above the key resistance level at 0.6585. On the four-hour timeframe, a bullish engulfing candlestick pattern has formed, indicating strong upward momentum and bullish sentiment towards the AUD/USD price.

Currently, it is trading around the 0.6612 level, with a high likelihood of continued upward movement towards the 0.6640 or 0.6675 levels. On the downside, immediate support is expected around the 0.6585 level, followed by potential support at 0.6550 or 0.6500 levels.

The 50-day exponential moving average, relative strength index (RSI), and moving average convergence divergence (MACD) indicators all suggest a balanced outlook for the currency pair. Therefore, it is important to monitor the 0.6585 level, as a successful break above it could lead to further upward momentum.

Additionally, keep an eye on the upcoming US unemployment figures, particularly the nonfarm payrolls (NFP) and unemployment rate, as they have the potential to influence additional price movements.

AUD/USD Price Chart – Source: Tradingview

AUD/USD – Trade Idea

Entry Price – Buy Above 0.65986

Stop Loss – 0.65452

Take Profit – 0.66726

Risk to Reward – 1 : 1.92

Profit & Loss Per Standard Lot = +$740/ -$534

Profit & Loss Per Micro Lot = +$74/ -$53