AUD/USD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- AUD/USD edges up to 0.65488, facing resistance at 0.6600 and support at 0.6510.

- Oversold RSI at 30; AUD/USD may rebound from double bottom support at 0.6530.

- AUD/USD trading near 50 EMA at 0.6566; key resistance and support levels in focus.

As of January 18, the AUD/USD pair has shown a slight uptick, currently trading at 0.65488, marking a 0.10% increase. On a 4-hour chart, the currency pair presents a pivot point at 0.6557. Looking ahead, AUD/USD faces immediate resistance at 0.6600, with subsequent levels at 0.6645 and 0.6689. Conversely, support is found at 0.6510, followed by 0.6464 and 0.6730.

The Relative Strength Index (RSI) stands at 30, suggesting the pair may be entering an oversold territory, potentially leading to a bounce. The Moving Average Convergence Divergence (MACD) shows a value of -0.0002 with a signal line at -0.0036, hinting at possible downward momentum. However, the pair needs to break past key levels for a clearer direction.

The 50-Day Exponential Moving Average (EMA) is currently positioned at 0.6566, hovering near the pair’s current trading level and might act as a dynamic resistance. A notable chart pattern for AUD/USD is the double bottom support around the 0.6530 level, suggesting potential for a reversal if the pair holds this support.

The overall trend for AUD/USD appears to be in a crucial phase. For traders, a potential entry point could be at a buy limit of 0.65302, with a take-profit target set at 0.65981 and a stop loss at 0.64956. In the short term, the currency pair is expected to test its resistance levels, particularly if it surpasses its immediate pivot point.

AUD/USD - Trade Ideas

Entry Price – Buy Limit 0.65302

Take Profit – 0.65981

Stop Loss – 0.64956

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$679/ -$346

Profit & Loss Per Mini Lot = +$67/ -$34