Daily Price Outlook
The Australian Dollar's (AUD/USD) trading trajectory sees a slight dip, with the pair currently hovering around the 0.64713 mark, showcasing a minimal decline of 0.15%. This subtle movement occurs within the bounds of an established upward trend channel on the 4-hour chart, where the currency seems to be testing the resilience of its recent bullish momentum.
Key technical levels to consider are the immediate resistance positioned at 0.65208, followed by a more significant barrier at 0.65552. A breach of these levels could pave the way for a test of the next resistance at 0.66128. On the flip side, the currency pair finds support at 0.63956, with an additional safeguard at 0.63496, and should bearish pressures intensify, the next critical support lies at 0.63170.
The RSI indicator sits comfortably at 63.84, denoting a market that is neither overbought nor oversold, allowing for potential swings in either direction. Moreover, the pair's trading above the 50 EMA at 0.64292 suggests a continuing bullish stance in the near term.
In summary, the AUD/USD pair shows signs of steadiness within a bullish channel, yet traders remain vigilant for potential shifts influenced by broader market sentiment and upcoming economic data releases. The currency's immediate future appears to hinge on its capacity to sustain above the pivotal 50 EMA level and challenge the overhead resistance zones.
AUD/USD - Trade Idea
Entry Price – Buy Above 0.64500
Take Profit – 0.65216
Stop Loss – 0.63851
Risk to Reward – 1: 1
Profit & Loss Per Standard Lot = +$716/ -$649
Profit & Loss Per Mini Lot = +$71/ -$64
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