AUD/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- The AUD/USD pair settled below the 0.6550 level yesterday, accentuating the anticipated bearish path with a key focus on the 0.6400 target.
- While the Stochastic points towards a bullish sentiment, the pair needs to stay below both 0.6550 and 0.6600 to maintain its bearish momentum. Breaching these levels could signal a potential upswing, targeting the 0.6665 resistance.
- Today's forecasted trading boundaries are delineated between a 0.6490 support and a 0.6590 resistance, with a primary bullish inclination for the day.
The AUD/USD pair closed beneath the 0.6550 benchmark yesterday, further solidifying the forecasted bearish trajectory for the imminent timeframe, with an eye on the 0.6400 mark as the subsequent pivotal target.
The prevailing bullish undertone, as indicated by the Stochastic's upbeat momentum, necessitates the pair to remain under the 0.6550 and 0.6600 thresholds to ensure the continuation of the anticipated bearish momentum. Surpassing these benchmarks could act as a catalyst for the pair's resurgence, initiating a potential rally towards the significant resistance set at 0.6665.
For today, the anticipated trading spectrum is projected to span from a support level of 0.6490 to a resistance of 0.6590. The day's overarching trend is expected to be bullish.
AUD/USD - Trade Idea
Entry Price – Buy Above 0.65281
Take Profit – 0.66089
Stop Loss – 0.64763
Risk to Reward – 1: 1.5
Profit & Loss Per Standard Lot = +$808/ -$518
Profit & Loss Per Micro Lot = +$80/ -$51
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