Daily Price Outlook

- AUD/USD dips to 0.66152, facing resistance at 0.6668; supports at 0.6595 hint at a cautious market stance.

- Mixed signals: RSI at 55 and an upward EMA trend counterbalanced by bearish patterns, suggesting a nuanced market outlook.

- Recommended approach: Buy above 0.66035, aiming for 0.66580 with a stop loss at 0.65733, based on current technical indicators.

On March 14, the AUD/USD pair slightly retreated, marking a 0.10% decrease to close at 0.66152. This movement reflects the pair's sensitivity to the latest economic data and shifts in market sentiment.

The technical landscape for AUD/USD is characterized by a mix of bullish and bearish signals. The pair's current position below the pivot point at 0.6658 suggests a cautious market outlook. Immediate resistance levels are located at 0.6668, 0.6698, and 0.6724, which could limit upward moves. On the downside, support is found at 0.6595, followed by 0.6573 and 0.6550, offering potential rebound points.

Technical indicators provide a nuanced view of the pair's future direction. The Relative Strength Index (RSI) stands at 55, indicating a slight bias towards buying pressure, while the 50-day Exponential Moving Average (EMA) at 0.6590 underscores a general uptrend. However, the presence of a double top formation near $0.6640 and a bearish engulfing candle on the 4-hour chart warn of possible selling activity ahead.

Considering these factors, the AUD/USD outlook suggests a cautiously optimistic trend with a recommendation for a buying strategy above 0.66035. Setting a take-profit at 0.66580 and a stop loss at 0.65733 could capitalize on the pair's current momentum while mitigating risks associated with potential downward corrections.

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

AUD/USD - Trade Ideas

Entry Price – Buy Above 0.66035

Take Profit – 0.66580

Stop Loss – 0.65733

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$545/ -$302

Profit & Loss Per Mini Lot = +$54/ -$30



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