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

Daily Price Outlook

- AUD/USD sees a slight rise to 0.66, with a pivot point at 0.6648 and resistance up to 0.6824.

- RSI at 67 suggests bullish sentiment, while trading above the 50 EMA at 0.6600 reinforces a positive trend.

- Bullish outlook above 0.65872, with expectations of testing higher resistance levels shortly.

In the realm of foreign exchange, the Australian Dollar (AUD) against the US Dollar (USD) presents an intriguing narrative of resilience and growth. As of today, the AUD/USD pair is trading around 0.66, marking a modest rise of 0.14% in the last 24 hours. This movement signifies a cautious but positive sentiment in the market towards the Australian currency.

The technical landscape for AUD/USD is defined by several key price levels. The current pivot point stands at 0.6648, a critical level for determining its immediate directional bias. The pair faces immediate resistance at 0.6707, followed by higher levels at 0.6765 and 0.6824. These resistance levels will play a significant role in deciding whether the AUD can extend its upward trajectory against the USD. On the flip side, support levels are noted at 0.6618, with additional supports at 0.6558 and 0.6528, crucial for cushioning any potential declines.

From a technical indicators perspective, the Relative Strength Index (RSI) for AUD/USD is at 67, hovering near the overbought threshold but still indicative of a bullish sentiment. This suggests that the pair may still have room for further upward movement. Additionally, the 50-Day Exponential Moving Average (EMA) is at 0.6600. The AUD/USD trading above this level reinforces the notion of a short-term bullish trend.

In conclusion, the overall trend for the AUD/USD pair appears bullish, particularly if it maintains above the 0.65872 level. The short-term outlook suggests that the pair might test higher resistance levels in the coming days. Investors and traders should closely monitor these levels, as breaking through either resistance or support could signal significant price movements for the Australian Dollar against its American counterpart.

AUD/USD - Trade Idea 

Entry Price – Buy Above 0.65970

Take Profit – 0.66717

Stop Loss – 0.65423

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$747/ -$547

Profit & Loss Per Mini Lot = +$74/ -$54