Daily Price Outlook

- AUD/USD sees a modest rise to 0.67226, indicating a bullish outlook.

- Key resistance and support levels are closely watched, with RSI at 62 suggesting bullish sentiment.

- The upward channel pattern and position above 50 EMA point to potential gains in the near term.

As of December 19, the Australian Dollar against the US Dollar (AUD/USD) presents an intriguing scenario in the foreign exchange market. The pair is witnessing a slight upturn, registering a 0.25% increase, with the current price hovering around 0.67226. This movement indicates a tentative bullish sentiment in the short-term outlook.

The technical landscape offers several key levels that traders are closely monitoring. The pivot point is established at 0.6587, serving as a baseline for the pair's movement. In terms of resistance, AUD/USD faces immediate challenges at 0.6658, with further resistance points at 0.6775 and 0.6846. Conversely, the support levels are positioned at 0.6470, 0.6399, and 0.6326, offering potential cushions for any downward trends.

The Relative Strength Index (RSI) is currently at 62, hovering above the neutral 50 mark, indicating a bullish market sentiment. This suggests that investors are showing a preference for the Australian Dollar over the US Dollar. The Moving Average Convergence Divergence (MACD) displays a reading of -0.00027 with a signal line at 0, implying a potential for both upward and downward momentum, adding a layer of uncertainty to the market's direction.

Notably, the 50-Day Exponential Moving Average (EMA) for AUD/USD stands at 0.6712. The pair trading slightly above this level suggests a short-term bullish trend, aligning with the overall market sentiment. Furthermore, the observed upward channel pattern supports the AUD/USD pair, indicating a continuation of the bullish momentum.

In conclusion, the AUD/USD pair displays a bullish trend above the 0.66822 level. The short-term forecast anticipates testing higher resistance levels in the coming days, especially if it sustains above the pivotal EMA and resistance points. However, traders should remain vigilant for any shifts in these technical indicators, which could signal a change in the market's direction.

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

AUD/USD - Trade Idea 

Entry Price – Buy Above 0.66930

Take Profit – 0.67482

Stop Loss – 0.66565

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$552/ -$365

Profit & Loss Per Mini Lot = +$55/ -$36



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