Daily Price Outlook

- Bullish Momentum Intact: AUD/USD's current rise, reinforced by a clear candlestick pattern, indicates sustained upward movement.

- Technical Levels to Watch: The currency faces key resistances at 0.6611 and 0.6634, pivotal for future price actions.

- Strategic Trade Setup: Buying above 0.65856 with specified targets and stop-loss levels offers a balanced risk-reward in the current market scenario.

The Australian Dollar (AUD/USD) shows a robust ascent, registering at 0.65969 with a 0.43% increase, indicative of a solid bullish sentiment. This movement aligns with the three white soldiers candlestick pattern, suggesting a strong uptrend and attracting traders' attention to the pair's potential for further gains. The currency trades above its pivot point of 0.6585, which serves as a critical juncture for short-term direction. Resistance levels at 0.6611, 0.6634, and 0.6654 mark the thresholds where selling pressure could intensify, while immediate support at 0.6562, followed by 0.6545 and 0.6525, provides downside protection.

With the Relative Strength Index (RSI) at 71, the AUD/USD is on the brink of the overbought zone, suggesting that the rally might soon face resistance. However, the 50-day EMA of 0.65 reinforces the upward trend, indicating that the currency has solid ground to sustain its momentum.

In light of this technical outlook, a prudent strategy would involve initiating a long position above 0.65856, aiming for a take profit at 0.66230, and placing a stop loss at 0.65620 to mitigate potential downside risks. This approach capitalizes on the current upward trajectory while remaining vigilant of the inherent market volatility.

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

AUD/USD - Trade Ideas

Entry Price – Buy Above 0.65856

Take Profit – 0.66230

Stop Loss – 0.65620

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$374/ -$236

Profit & Loss Per Mini Lot = +$37/ -$23



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