Daily Price Outlook
- AUDUSD shows strong positive momentum, moving away from the 0.6665 level.
- Completion of a double bottom pattern indicates potential for surpassing key levels, targeting 0.6850 and 0.6924.
- Anticipate a bullish sentiment, provided the price remains stable above 0.6665.
The AUDUSD pair starts today's trading session with strong positive momentum, distancing itself from the 0.6665 level. This reinforces the expectation of a continued bullish trend on an intraday basis, with a target of 0.6780 being the main focus.
Upon closer analysis of the chart, we observe the completion of a double bottom pattern, which suggests the potential for the price to surpass the mentioned level and achieve further gains, targeting 0.6850, followed by 0.6924.
Consequently, we anticipate a predominance of bullish sentiment in the upcoming sessions, contingent on the price remaining stable above 0.6665.
The expected trading range for today is projected to be between the support level at 0.6690 and the resistance level at 0.6790.
Overall, the outlook for today's trend is bullish.
AUD/USD Price Chart – Source: Tradingview
AUD/USD - Trade Idea
Entry Price – Buy Limit 0.67011
Take Profit – 0.67658
Stop Loss – 0.66456
Risk to Reward – 1: 1.17
Profit & Loss Per Standard Lot = +$647/ -$555
Profit & Loss Per Micro Lot = +$64/ -$55
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