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

Daily Price Outlook

- AUD/USD sees a gain to $0.64930, with potential upward momentum as indicated by the pivot at $0.6426 and resistance levels ahead.

- RSI and MACD indicate potential for a positive reversal, with the latter nearing a bullish crossover.

- A tight trading strategy suggests entering long positions above $0.64999, with a stop loss at $0.64674 to secure gains at $0.65437.

The Australian dollar edged up against its US counterpart, with the AUD/USD pair noting a modest rise of 0.16% to $0.64930 as of February 6. The currency pair has seen a slight lift in the 4-hour chart, reflecting a tempered but positive sentiment among traders.

The pivot point for the session is set at $0.6426, marking the immediate baseline for any shifts in market dynamics. Resistance levels are charted at $0.6471, followed by $0.6548 and $0.6588, which could serve as ceilings in the pair's upward trajectory. Supports are delineated at $0.6346, $0.6272, and $0.6195, potentially halting any bearish pullback.

The Relative Strength Index (RSI) at 37 indicates a market that is neither overbought nor oversold, leaving room for potential price swings in either direction. The Moving Average Convergence Divergence (MACD) presents a value of -0.00040 with its signal at -0.00243, implying that the negative momentum is abating, as the MACD line is closer to crossing above the signal line, potentially signaling an upcoming bullish phase.

The 50-day Exponential Moving Average (EMA) stands at $0.6502, just above the current price, suggesting a very tight trading range with the potential for the currency to oscillate around this key moving average.

In light of these observations, the overall technical outlook for the AUD/USD appears cautiously optimistic, with a strategy to buy above $0.64999, targeting profits at $0.65437, and placing a stop loss at $0.64674 to manage risk.

AUD/USD - Trade Ideas

Entry Price – Buy Above 0.64999

Take Profit – 0.65437

Stop Loss – 0.64674

Risk to Reward – 1: 1.35

Profit & Loss Per Standard Lot = +$438/ -$325

Profit & Loss Per Mini Lot = +$43/ -$32