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

Daily Price Outlook

- AUD/USD's decline to 0.6528 underscores market caution, with pivotal resistance and support levels in focus.

- Technical indicators, including a sub-50 RSI and 50 EMA resistance, signal potential bearish momentum.

- Strategy suggests a bearish outlook, advocating for sells below 0.65409 with specific targets and stop loss parameters.

The AUD/USD pair has experienced a slight decrease, down by 0.12%, with its price settling at 0.6528. Amidst fluctuating market conditions, the Australian dollar struggles to maintain its foothold against the US dollar, as investors remain cautious ahead of potential shifts in monetary policy and economic indicators. The pivot point at 0.6541 signifies a critical juncture for AUD/USD, where its future trajectory could be decided. Resistance levels at 0.6572, 0.6598, and 0.6630 present hurdles for any bullish momentum, while support levels at 0.6504, 0.6478, and 0.6448 offer a cushion against further declines.

Technical indicators suggest a challenging environment for AUD/USD. The 50-day Exponential Moving Average (EMA) at 0.6543, just above the current price, acts as a barrier to upward movement. Furthermore, the Relative Strength Index (RSI) standing at 46, below the midpoint of 50, indicates a bearish sentiment within the market. This confluence of technical signals hints at potential weakness, suggesting that the pair might face downward pressure in the short term.

Considering these factors, the outlook for AUD/USD appears tilted towards bearishness below the pivot point of 0.6541. Traders might consider a sell strategy below the specified entry price of 0.65409, targeting a pullback to 0.65044 while setting a stop loss at 0.65611 to mitigate risk.

AUD/USD - Trade Ideas

Entry Price – Sell Below 0.65409

Take Profit – 0.65044

Stop Loss – 0.65611

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$365/ -$202

Profit & Loss Per Mini Lot = +$36/ -$20