Daily Price Outlook

- AUD/USD ascends to 0.66, bolstered by a bullish market sentiment as reflected in the RSI of 62.

- Resistance lies ahead at $0.6707, with the pair's trajectory above the 50 EMA suggesting continued bullish momentum.

- The current technical posture points towards a bullish trend, with an eye on testing upcoming resistance levels.

The Australian Dollar (AUD) has displayed resilience against the US Dollar (USD), appreciating by 0.36% and currently trading at 0.66. This performance underscores a strengthened AUD, buoyed by positive economic cues and a retreating USD amid shifting global sentiment.

AUD/USD finds itself navigating through pivotal levels with a critical pivot point at $0.6650. The currency pair faces immediate resistance at $0.6707, with further potential ceilings at $0.6764 and $0.6824. Should the AUD face a reversal, it will encounter support at $0.6618, with deeper fallbacks positioned at $0.6558 and $0.6527.

The technical landscape is reinforced by a Relative Strength Index (RSI) of 62, indicative of a bullish undertone without straying into overbought territory. Moreover, the AUD's stance above the 50-Day Exponential Moving Average (EMA) of $0.6579 corroborates this short-term bullishness, suggesting an underlying momentum that may persist.

From a chartist's perspective, the pair does not currently exhibit a definitive pattern, but its position relative to the 50 EMA and the pivot point suggests a potential for continuation of the current trend.

In essence, the AUD/USD’s bullish trend appears intact above the 0.66034 mark, with anticipation for the pair to challenge the immediate resistance at $0.6707 in the approaching sessions.

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

AUD/USD - Trade Idea 

Entry Price – Buy Above 0.66034

Take Profit – 0.66855

Stop Loss – 0.65660

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$821/ -$374

Profit & Loss Per Mini Lot = +$82/ -$37



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