Daily Price Outlook

    The AUD/USD pair exhibits an optimistic demeanor as the dawn of the trading week witnesses a 0.37% rise, positioning the currency at 0.65826. The ascent comes amidst a broader currency market recalibration, as traders dissect and digest the latest economic symposiums and policy pivots.

    At the forefront of resistance, the Aussie dollar eyes the 0.6662 mark with an anticipatory gaze, and beyond lies the challenges at 0.6777 and 0.6895—levels that test the resolve of bulls in the market. Conversely, a narrative of supports unfolds at 0.6469, with subsequent thresholds at 0.6397 and 0.6282, standing by to uphold the currency should it encounter bearish sentiment.

    Amidst the technical tableau, the Relative Strength Index (RSI) broadcasts a strong signal at 73, venturing into overbought realms yet depicting a market with an appetite for risk. The MACD corroborates this stance with a positive divergence, hinting at continued propulsion. Notably, the currency's dance above the 50-day EMA of 0.6550 lends credence to the bullish tune.

    The charted course reveals an upward channel breakout, a pattern often associated with robust buying interest and bullish continuance. Thus, the currency is set on a trajectory that might soon see it grapple with the immediate resistance laid out at 0.6662.

    In summation, the Australian dollar's stance is firmly bullish, anchored above a well-established pivot of 0.6587. The session ahead is ripe with the potential for testing established resistances, contingent on market sentiment and economic undercurrents.

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

    AUD/USD - Trade Idea 

    Entry Price – Buy Above 0.65481

    Take Profit – 0.66094

    Stop Loss – 0.64891

    Risk to Reward – 1: 1.14

    Profit & Loss Per Standard Lot = +$613/ -$540

    Profit & Loss Per Mini Lot = +$61/ -$54



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