Daily Price Outlook

    In today's Daily Technical Outlook for AUD/USD on October 5, the currency pair is currently trading at $0.6363 with a 4-hour chart timeframe.

    Key price levels include a pivot point at $0.6423, immediate resistance at $0.6511, and subsequent resistances at $0.6591 and $0.6682. On the support side, immediate levels are found at $0.6342, followed by $0.6253 and $0.6173.

    Technical indicators show a relatively neutral stance, with the RSI at 51.87, indicating a balanced sentiment. Additionally, the 50 EMA stands at $0.6377, indicating a short-term bearish trend as the price is currently just below this level.

    The observed chart pattern highlights the struggle of AUD/USD to breach the 50 EMA, implying a bearish sentiment. As for fundamental news, there are no specific updates to report.

    In conclusion, the overall trend for AUD/USD appears to be bearish below the $0.6377 level, with a short-term forecast indicating a continued struggle to surpass this resistance point in the coming days, reinforcing the bearish outlook.

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

    AUD/USD - Trade Idea

    Entry Price – Sell Limit 0.63781

    Take Profit – 0.62746

    Stop Loss – 0.64604

    Risk to Reward – 1: 1.2

    Profit & Loss Per Standard Lot = +$1035/ -$823

    Profit & Loss Per Micro Lot = +$103/ -$82



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