AUD/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- The AUD/USD pair started the trading day on a bearish trajectory, breaking past the intraday bullish channel's support, hinting at a possible bearish flag formation.
- With the pair positioned below the EMA50, the day's sentiment leans bearish, although failure to breach the 0.6400 mark could trigger a price reversal.
- The expected trading range for the day is set between a 0.6360 support level and a 0.6445 resistance point.
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 - 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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