Daily Price Outlook

- AUD/USD ascends modestly, pivotal at $0.6610; RSI balanced, MACD indicates slight bullishness.

- Resistance and support levels identified; 50-day EMA underpins current prices.

- Market sentiment cautiously optimistic; trading strategy reflects potential bearish retraction.

The Australian dollar exhibits buoyancy, appreciating by 0.49% to 0.66011 against the US dollar. This uptick places the AUD/USD pair above the pivotal $0.6610 mark, which could act as a springboard for further gains. The pair faces successive resistance levels at $0.6695, $0.6792, and $0.6877 that may stall the climb. Conversely, supports at $0.6513, $0.6428, and $0.6331 provide layers of defense against declines.

The RSI indicator reads at 53, signaling neither overbought nor oversold conditions, suggesting equilibrium in buying and selling pressures. The MACD hovers at 0.00045, just breaching its signal line, hinting at possible upward momentum for the currency pair, albeit the crossover is minimal and warrants confirmation for a solid trend.

The 50-day EMA at $0.6588 currently supports the price, potentially reinforcing the uptrend. However, chart patterns do not offer a clear direction at present, leaving the next significant move open to interpretation. Given these factors, a conservative approach suggests potential for a bearish reversion below $0.6610, recommending a sell below 0.66172, with a take-profit at 0.65702 and a stop-loss at 0.66432.

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

AUD/USD - Trade Ideas

Entry Price – Sell Below 0.66172

Take Profit – 0.65702

Stop Loss – 0.66432

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$470/ -$260

Profit & Loss Per Mini Lot = +$47/ -$26



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