Daily Price Outlook

- AUD/USD trades at 0.68150, up by 0.22%, with a pivot point at 0.6719 and resistance levels at 0.6775, 0.6853, and 0.6906.

- Technical indicators like RSI at 65 and MACD at 0.000030 suggest a bullish sentiment, with the price above the 50 EMA, indicating a short-term bullish trend.

- The currency pair's overall trend is bullish above 0.6784, with a short-term forecast suggesting a test of higher resistance levels in the coming days.

As we approach the end of the year, the Australian Dollar (AUD) against the US Dollar (USD) stands as a testament to the dynamic nature of global currency markets. The AUD/USD pair is currently trading at 0.68150, marking an increase of 0.22%. This upward trend reflects the resilience of the Australian economy and the influence of international market forces.

The pair's pivotal point rests at 0.6719, a crucial benchmark in determining its short-term trajectory. Resistance levels are staged at 0.6775, 0.6853, and 0.6906, indicating potential barriers in the upward journey of AUD/USD.

Conversely, support levels at 0.6636 and 0.6582 will play significant roles in providing a safety net against any downturns. The double appearance of 0.6582 as a support level underscores its importance as a strong foundational point for the currency pair.

The Relative Strength Index (RSI) is at 65, suggesting a bullish sentiment without reaching the overbought territory, signaling room for further appreciation in AUD/USD. The Moving Average Convergence Divergence (MACD) stands at 0.000030, marginally above its signal of 0.002480, reinforcing the bullish outlook.

Furthermore, the AUD/USD pair is trading above its 50-Day Exponential Moving Average (EMA) of 0.6799, confirming the bullish trend in the short term.

The AUD/USD pair's chart patterns have yet to be clearly defined, leaving room for various interpretations. However, the overall market sentiment leans towards a bullish trend.

In conclusion, the AUD/USD pair's overall trend is bullish above the 0.6784 mark, hinting at potential challenges to resistance levels in the near future. This bullish trend is expected to continue, with the pair likely to test higher resistance levels.

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

AUD/USD - Trade Idea 

Entry Price – Buy Limit 0.67845

Take Profit – 0.68437

Stop Loss – 0.67553

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$592/ -$292

Profit & Loss Per Mini Lot = +$59/ -$29



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