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

Daily Price Outlook

The Australian dollar has manifested a modest uptick against its US counterpart in the latest session, advancing by 0.18% to trade at 0.64136. The four-hour chart delineates a landscape of fluctuation where the AUD/USD has been testing the waters around a pivot point of 0.6453, indicating a tentative search for direction.

Key resistance levels await at 0.6583, 0.6652, and 0.6790, which may pose formidable barriers to any northbound aspirations. Meanwhile, the currency pair finds its immediate cushion at 0.6379, with further downside protection potentially emerging at 0.6243 and 0.6177. These levels delineate the zones of contention between the bulls and the bears, setting the stage for the pair's next significant move.

From the vantage point of technical indicators, the Relative Strength Index (RSI) reads at 43, signaling that while the sentiment isn’t overly bearish, it lacks the robust bullish momentum typically associated with readings above 50. The Moving Average Convergence Divergence (MACD) hovers around the baseline, suggesting a market in balance without clear direction.

The price's proximity to the 50-day Exponential Moving Average (EMA), currently at 0.642, indicates a delicate equilibrium. The AUD/USD sits just below this moving average, hinting at a potential shift in momentum should it decisively cross above this level.

Chart pattern analysis requires a scrupulous examination of the recent price formation, which may reveal structures like channels or triangles, providing additional clues. Such patterns, coupled with candlestick analysis, will help ascertain the market's mood and the likely trajectory of the currency pair.

In summary, while the trend for the AUD/USD pair could be deemed neutral, a bullish bias is justifiable above the 0.640 44 mark, pending a confirmed breakout. The short-term forecast suggests that a test of the immediate resistance level at 0.6583 could be on the horizon, should the pair garner enough upward momentum to eclipse the immediate technical thresholds.

AUD/USD - Trade Idea 

Entry Price – Buy Above 0.64025

Take Profit – 0.64661

Stop Loss – 0.63627

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$636/ -$398

Profit & Loss Per Mini Lot = +$63/ -$39