AUD/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- The AUD/USD pair confidently holds above the 0.6400 level, eyeing the next significant target at 0.6545.
- Despite the Stochastic indicator's current negative trend, a potential shift to positive momentum is anticipated to support upward movement.
- Today's trading range is expected between 0.6390 (support) and 0.6490 (resistance), with maintaining above 0.6400 being vital for the bullish trend's persistence.
The AUD/USD pair remains steadfast, maintaining its position above the 0.6400 mark, thus reinforcing the prevailing bullish outlook. The next primary target in sight stands at 0.6545. The current negative trajectory of the Stochastic indicator may temporarily impede upward momentum.
However, we anticipate a shift towards a positive momentum that could bolster the pair towards the aforementioned targets. It's crucial to note that sustaining a position above 0.6400 is pivotal for the continuation of this bullish trajectory. For today, we forecast the pair to trade within a range, with support at 0.6390 and resistance capped at 0.6490.
AUD/USD - Trade Idea
Entry Price – Buy Limit 0.64095
Take Profit – 0.64499
Stop Loss – 0.63835
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$404/ -$260
Profit & Loss Per Micro Lot = +$40/ -$26
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