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

Daily Price Outlook

In the currency markets, the Australian dollar (AUD) against the US dollar (USD) presents an intriguing technical outlook as of November 7. Over the last 24 hours, the AUD/USD pair has seen a decrease of 0.85%, landing at a current price of 0.6433. The four-hour chart provides a granular view of the price action, with a pivot point marked at 0.6449, indicating a potential inflection point for the pair.

Key resistance and support levels frame the current landscape, with immediate resistance at 0.6582. Further ceilings are found at 0.6652 and 0.6786, which could cap upward movements. Conversely, support is firmly established at 0.6379, with additional floors at 0.6245 and 0.6175, likely to halt any southward price drifts.

From a technical indicator standpoint, the Relative Strength Index (RSI) sits at 46, just below the midpoint of 50, suggesting a tilt towards bearish sentiment without yet entering an oversold territory. The Moving Average Convergence Divergence (MACD) corroborates this bearishness, currently indicating a negative trend as the MACD line resides below the signal line.

The 50-Day Exponential Moving Average (EMA) provides further insight, with the current price above the 50 EMA at 0.6416, giving a glimmer of bullish sentiment in the short-term trend landscape.

Chart pattern analysis augments the price level data and technical indicators. The current pattern, which can be likened to a consolidation phase, indicates potential for either continuation or reversal. Candlestick analysis in the recent sessions would be necessary for additional confirmation.

In conclusion, the overall trend for AUD/USD could be considered bullish if the pair maintains above the crucial 0.6416 level, as indicated by the 50 EMA. The mixed signals from technical indicators suggest a cautious approach. Traders should watch for a decisive break above the 50 EMA and an RSI push above the 50 level to confirm the bullish scenario. The short-term forecast, given the current setup, anticipates the pair may test the immediate resistance level at 0.6582 in the upcoming sessions, should the bullish indicators align.

AUD/USD - Trade Idea 

Entry Price – Buy Above 0.64148

Take Profit – 0.64700

Stop Loss – 0.63664

Risk to Reward – 1: 14

Profit & Loss Per Standard Lot = +$552/ -$484

Profit & Loss Per Mini Lot = +$55/ -$48