Daily Price Outlook

- The AUD/USD shows resilience but faces resistance near 0.6631, suggesting caution.

- Overbought conditions and a double-top pattern hint at potential reversal points.

- Strategic entry and exit points set for cautious trading amidst potential volatility.

The AUD/USD pair experienced a notable uptick in the March 21 trading session, marking a 0.62% rise to settle at 0.66257. This movement signifies a resurgence in bullish sentiment, yet the currency pair encounters a pivotal juncture at the 0.6631 pivot point. Resistance levels at 0.6649, 0.6666, and 0.6686 delineate the potential ceilings for further gains, while support levels established at 0.6597, 0.6573, and 0.6552 provide floors to cushion any downward pressures.

Technical indicators suggest a nuanced picture; the Relative Strength Index (RSI) at 71 indicates a market that is veering into overbought territory, hinting at potential pullbacks. Moreover, the formation of a double-top pattern near the 0.6630 level suggests that the Australian dollar may struggle to sustain its upward momentum, with a close beneath this pivotal mark potentially ushering in a bearish correction phase.

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

AUD/USD - Trade Ideas

Entry Price – Sell Below 0.66309

Take Profit – 0.65929

Stop Loss – 0.66651

Risk to Reward – 1: 1.1

Profit & Loss Per Standard Lot = +$380/ -$342

Profit & Loss Per Mini Lot = +$38/ -$34



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