Daily Price Outlook

- AUD/USD trades at $0.66823, down 0.14%, with key resistance at $0.6734.

- RSI at 66 indicates nearing overbought conditions, suggesting potential further bearish movement.

- Strategic sell below $0.67126 with take-profit at $0.66483 and stop-loss at $0.67500.

AUD/USD is currently trading at $0.66823, down 0.14% from the previous session. The pivot point is situated at $0.6714. Immediate resistance levels are at $0.6734, $0.6759, and $0.6779.

On the downside, immediate support levels are at $0.6649, $0.6614, and $0.6579. These levels are critical for traders as they indicate potential points of breakout or breakdown, guiding trading decisions.

The Relative Strength Index (RSI) is currently at 66, suggesting that the market is approaching overbought conditions. This could imply that a bearish correction is likely if buying pressure diminishes. The 50-day Exponential Moving Average (EMA) is at $0.6616, which supports the medium-term bullish trend.

Given these technical indicators, a strategic trading approach is advisable. Selling below the pivot point of $0.67126 could be beneficial, targeting a take-profit level of $0.66483 and setting a stop-loss at $0.67500.

This strategy hinges on the expectation that if AUD/USD fails to surpass the immediate resistance level, it may correct downward toward the support levels.

The RSI nearing overbought territory suggests that the current downward trend might continue if resistance levels hold. A failure to breach the resistance at $0.6734 could result in a pullback toward the support at $0.6649 or even lower.

Traders should remain vigilant for any shifts in market sentiment that could alter the trading landscape.

In summary, while AUD/USD is currently experiencing downward pressure, technical indicators suggest the possibility of further bearish movement. A strategic approach would be to sell below $0.67126 with a take-profit target at $0.66483 and a stop-loss at $0.67500.

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

AUD/USD - Trade Ideas

Entry Price – Sell Below 0.67126

Take Profit – 0.66483

Stop Loss – 0.67500

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$643/ -$374

Profit & Loss Per Mini Lot = +$64/ -$37



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