Daily Price Outlook

- AUD/USD experiences a decline to 0.65217, hinting at continued bearish momentum with immediate support and resistance levels in focus.

- Strong bearish sentiment indicated by RSI at 26 and a bearish engulfing pattern below the 0.6550 pivot point.

- Recommended selling strategy below 0.65368 with targets and stop loss levels set to capitalize on the bearish outlook.

The AUD/USD pair faced a downturn, marking a 0.44% decrease to 0.65217. This movement places the pair in a delicate position as it navigates through significant technical levels. The currency faces its pivot point at 0.6551, suggesting a critical juncture for future price action. Resistance levels are staged at 0.6573, 0.6596, and 0.6624, providing potential barriers to upward movements. Conversely, immediate support at 0.6520, followed by further supports at 0.6479 and 0.6450, illustrates key levels where the pair might find a floor.

The technical outlook is further compounded by an RSI indicator at 26, indicating a strong bearish momentum and potential overselling conditions. The appearance of a bearish engulfing candlestick pattern below the 0.6550 level underscores the selling pressure, suggesting the likelihood of a continued downtrend. Additionally, the 50-day EMA at 0.6574 acts as a near-term resistance level, reinforcing the bearish outlook.

Given these conditions, a cautious approach is recommended for traders, with a proposed sell entry below 0.65368. The suggested take profit level at 0.64828 and a stop loss at 0.65718 aim to manage risk while capitalizing on the pair's current bearish trend. (edited)

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

AUD/USD - Trade Ideas

Entry Price – Sell Below 0.65368

Take Profit – 0.64828

Stop Loss – 0.65718

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$540/ -$350

Profit & Loss Per Mini Lot = +$54/ -$35



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