Daily Price Outlook

- AUD/USD sustains gains, with potential resistance at 0.67829 and 0.68251.

- RSI indicates a bullish momentum, while the 50-day EMA offers robust support.

- Eyes on further resistance at 0.68996, suggesting room for potential upside.

The Australian Dollar has been on a steady incline against the US Dollar, with the AUD/USD pair recently trading at around 0.6752, a slight uptick of 0.09% as noted in the 4-hour chart. The currency duo has shown resilience, bouncing from a support level that had previously dipped to 0.65462, signaling a potential shift in momentum.

From a technical standpoint, the pair is buoyed by the 50-day Exponential Moving Average (EMA) at 0.66909, which has been instrumental in supporting the upward price movement. The Relative Strength Index (RSI), currently at 59.30, corroborates this bullish trend, suggesting that the pair has not yet reached overbought conditions and may have room to climb. Looking ahead, resistance levels at 0.67829 and 0.68251 await, with a more significant hurdle at 0.68996. Support, should the pair retreat, rests at 0.66806, with further support at 0.66180.

The current technical outlook for AUD/USD suggests a continuation of the bullish trend, underpinned by solid moving average support and a RSI that points to sustained upward potential. Investors and traders will be watching these resistance markers closely, as their breach could pave the way for further gains, while any pullback could test the resilience of underlying support levels.

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

AUD/USD - Trade Idea 

Entry Price – Buy Above 0.67251

Take Profit – 0.67991

Stop Loss – 0.66872

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$740/ -$379

Profit & Loss Per Mini Lot = +$74/ -$37



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