Daily Price Outlook

    The AUD/USD pair started the day with evident bearish sentiment, attempting to distance itself from the 0.6780 level. This reinforces the expectation of a continued bearish trend in the upcoming sessions, with the next main target anticipated at 0.6665.

    The impact of the double top pattern remains in effect, further supporting the likelihood of reaching the awaited targets.

    Additionally, the technical indicators are currently showing negative signals. It is important to note that a breach of the 0.6780 level would halt the expected decline and potentially lead to a price increase.

    Traders will closely monitor the FOMC and Fed rate decision, which could significantly impact the AUD/USD pair's movement.

    For today, the projected trading range is between the support level at 0.6700 and the resistance level at 0.6810.

    AUD/USD Price Chart – Source: Tradingview
    AUD/USD Price Chart – Source: Tradingview

    AUD/USD - Trade ideas

    Entry Price – Sell Below 0.67760

    Take Profit – 0.67203

    Stop Loss – 0.68185

    Risk to Reward – 1: 1.3

    Profit & Loss Per Standard Lot = +$557/ -$425

    Profit & Loss Per Micro Lot = +$55/ -$42



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