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

Daily Price Outlook 

On February 29, the AUD/USD pair showed modest progress, ascending by 0.18% to reach 0.65167. This slight uptick reflects a tempered optimism in the forex market, as traders digest various global economic indicators and policy decisions.

The currency pair is currently trading just below its pivot point of 0.65258, indicating a critical juncture that could determine the direction of its next move. Resistance levels are set at 0.65579, 0.65829, and 0.66088, marking potential hurdles that the AUD/USD must overcome to sustain its upward trajectory. Conversely, support levels at 0.64904, 0.64698, and 0.64425 provide a safety net, potentially cushioning any downward pressure and serving as key areas for buyers to re-enter the market.

Technical indicators provide further insight into the pair's dynamics. The Relative Strength Index (RSI) stands at 44, suggesting a slight lean towards oversold conditions without fully crossing the threshold, indicating that there might be room for downward movement or consolidation. The 50-day Exponential Moving Average (EMA) at 0.65336, slightly above the current price, signals a potential resistance area that could influence the pair's short-term trend.

AUD/USD - Trade Ideas

Entry Price – Sell Below 0.65291

Take Profit – 0.64897

Stop Loss – 0.65531

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$394/ -$240

Profit & Loss Per Mini Lot = +$39/ -$24