Daily Price Outlook

- The AUD/USD pair shows a bullish trend, currently trading at 0.65902 with a 0.35% rise, facing immediate resistance at 0.6503.

- Technical indicators like RSI at 53 and MACD above its signal line suggest a potential upward momentum.

- Key support at 0.6550 and resistance levels up to 0.6668 are pivotal for determining the pair's short-term direction.

The AUD/USD pair, as of December 12, exhibits a notable upturn in the Forex market. Currently priced at 0.65902, the pair has experienced a 0.35% rise within a 24-hour period. Analyzing the 4-hour chart provides a clearer perspective on its short-term movements.

In terms of key price levels, the immediate resistance for the AUD/USD pair is at 0.6503. Surpassing this level could pave the way to the next resistance at 0.6599, followed by a further potential ceiling at 0.6668. On the flip side, support levels are observed at 0.6763, 0.6434, and 0.6340. These levels are crucial as they will dictate the pair's ability to maintain its current momentum or face a potential retracement.

From a technical standpoint, the Relative Strength Index (RSI) stands at 53, indicating a slightly bullish sentiment in the market. This level suggests that the currency pair is neither overbought nor oversold, but leans towards a bullish bias. The Moving Average Convergence Divergence (MACD) shows a value of 0.00014 with a signal line at -0.00055. The MACD line's position above the signal line hints at a potential upward momentum for the AUD/USD pair, supporting the bullish sentiment indicated by the RSI.

The 50-Day Exponential Moving Average (EMA) for the pair is currently at 0.6574. Given that the pair's price is hovering above the 50 EMA, it signifies a short-term bullish trend. Furthermore, the chart reveals an upward trendline providing support around 0.6550. A consistent close above this level could trigger further buying interest in the Australian Dollar.

In conclusion, the overall trend for the AUD/USD pair appears bullish, particularly if it maintains above the 0.6550 level. In the short term, we can expect the pair to potentially test higher resistance levels, particularly 0.6599, if the bullish momentum persists.

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

AUD/USD - Trade Idea 

Entry Price – Buy Above 0.65812

Take Profit – 0.66494

Stop Loss – 0.65419

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$682/ -$393

Profit & Loss Per Mini Lot = +$68/ -$39



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