Daily Price Outlook

    The AUD/USD pair has commenced today's trading session on a distinctly bearish note, evidenced by its breach of the intraday bullish channel's support. This development is suggestive of a bearish flag pattern, which is anticipated to exert downward pressure on the pair in forthcoming sessions. Initial objectives center on the 0.6400 mark, with a breach of this level potentially accelerating the pair's descent toward the 0.6300 milestone.

    In light of these dynamics, a bearish outlook is projected for today, further substantiated by the pair's position below the EMA50. It's imperative to note, however, that any inability to penetrate the 0.6400 barrier could interrupt this bearish narrative, prompting a price recovery.

    Today's anticipated trading spectrum is demarcated by a support level at 0.6360 and resistance at 0.6445.

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

    AUD/USD - Trade Idea

    Entry Price – Sell Below 0.64015

    Take Profit – 0.63639

    Stop Loss – 0.64223

    Risk to Reward – 1: 1.8

    Profit & Loss Per Standard Lot = +$376/ -$208

    Profit & Loss Per Micro Lot = +$37/ -$20



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