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

Daily Price Outlook

On October 17, the AUD/USD currency pair is observed to trade at a value of 0.6350, showing an increment of almost 0.13% during the Asian trading session. This performance, as visualized on a 4-hour chart timeframe, presents several key price determinants that traders need to keep an eye on. The pivot point is identified at 0.6359. For those looking at potential hurdles, immediate resistance is pinpointed at 0.6376, followed by stronger resistance levels at 0.6400 and 0.6432. Conversely, immediate support for the pair is located at 0.6341, with further cushions at 0.6320 and a significant support point at 0.6287.

Turning attention to the technical indicators, the Relative Strength Index (RSI) reads at 59. This denotes a moderately bullish sentiment as the RSI value is above the halfway point of 50. This might indicate the presence of more buyers than sellers in the recent trading sessions.

The 50-Day Exponential Moving Average (EMA) is mapped at 0.6347. With the AUD/USD trading slightly above this marker, it suggests a short-term bullish inclination. However, the pair's current location, particularly with the completion of the 50% Fibonacci retracement at $0.6355 and the appearance of a Doji candlestick pattern right below this retracement, hints at potential selling pressure.

In terms of chart patterns, the aforementioned Doji candlestick beneath the 50% Fibonacci level seems to advocate for selling. This could indicate a pause or indecision among traders after recent price movements, and might even hint at a potential reversal.

To encapsulate, while there's a semblance of bullish momentum, the overall trend for AUD/USD appears bearish, especially if it moves beneath the 0.6359 pivot. If this bearish sentiment holds, we can anticipate the asset to test the aforementioned support levels soon.

AUD/USD - Trade Idea

Entry Price – Sell Limit 0.63581

Take Profit – 0.63202

Stop Loss – 0.63799

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$379/ -$218

Profit & Loss Per Micro Lot = +$37/ -$21