Daily Price Outlook
- AUDUSD pair tests and consolidates below the significant resistance level of 0.6665.
- Technical indicators demonstrate clear negativity, suggesting a potential bearish continuation.
- The expected trading range for today is between the support level of 0.6570 and the resistance level of 0.6670.
The AUDUSD pair has tested the important resistance level at 0.6665 and is currently consolidating below it, initiating a decline at today's open.
The technical indicators are displaying clear negativity, indicating a potential resumption of the bearish movement with the next target set at 0.6545.
In light of these observations, we maintain our bearish outlook for the intraday timeframe. It is important to note that a breakthrough above 0.6665 would halt the anticipated decline and potentially trigger a recovery, leading the price to reestablish the main bullish trend.
AUD/USD Price Chart – Source: Tradingview
AUD/USD - Trade Idea
Entry Price – Buy Above 0.6637
Take Profit – 0.6720
Stop Loss – 0.6586
Risk to Reward – 1: 1.6
Profit & Loss Per Standard Lot = +$824/ -$511
Profit & Loss Per Micro Lot = +$82/ -$51
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