Daily Trade Ideas

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

By LonghornFX Technical Analysis
Aug 16, 20231 min
Audusd

Daily Price Outlook

    The AUD/USD pair demonstrates an increased bearish inclination, nearing our projected target of 0.6040. We anticipate sustained downward momentum that might breach the stated level, setting the stage for further declines, potentially towards the 0.6310 mark.

    Given these factors, a bearish trajectory is projected for both intraday and short-term intervals, underpinned by the negative influence of the EMA50. It's imperative to note that maintaining a position below 0.6550 is crucial to perpetuate the predicted bearish trend.

    Today, the forecasted trading bracket spans from a support at 0.6380 to a resistance at 0.6490.  

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

    AUD/USD - Trade Idea

    Entry Price – Sell Below 0.64604

    Take Profit – 0.64138

    Stop Loss – 0.64920

    Risk to Reward – 1: 1.45

    Profit & Loss Per Standard Lot = +$466/ -$316

    Profit & Loss Per Micro Lot = +$46/ -$31

    Please click here to read and acknowledge our Trade Ideas Disclaimer before using these ideas in your strategies and trading. This document’s information, including forex signals and research, is for general informational and educational purposes only and does not provide specific financial, investment, or trading advice.

    AUD/USD

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