Daily Price Outlook

- AUD/USD trading at $0.66614, down 0.15%, reflecting a cautious market sentiment.

- Immediate resistance levels are $0.6682, $0.6711, and $0.6746; potential barriers to upward movement.

- Support levels at $0.6618, $0.6586, and $0.6559 are crucial for preventing further declines.

The AUD/USD pair is currently trading at $0.66614, down 0.15% in the 4-hour timeframe. This modest decline reflects the prevailing cautious sentiment in the market, as traders weigh the impacts of global economic data and central bank policies. Key technical levels are crucial for understanding potential price movements.

The pivot point is set at $0.6650, acting as a critical benchmark for traders. Immediate resistance levels are identified at $0.6682, followed by $0.6711 and $0.6746. These resistance levels indicate potential barriers to upward movement, suggesting areas where selling pressure might intensify.

On the downside, immediate support is noted at $0.6618, with further support levels at $0.6586 and $0.6559. These support levels are essential for preventing further declines, offering potential rebound points if the market faces downward pressure.

The Relative Strength Index (RSI) is at 43, indicating a slightly bearish sentiment but still within the neutral range. This level suggests that the AUD/USD is neither overbought nor oversold, allowing for possible fluctuations based on upcoming market data.

The 50-day Exponential Moving Average (EMA) is positioned at $0.6676. Currently, the price is trading below this level, hinting at a bearish outlook in the short term. However, if the price moves above the 50-day EMA, it could signal a shift towards a more bullish trend.

Conclusion: The recommended trading strategy is to buy above $0.66505, with a take profit target at $0.66923 and a stop loss at $0.66284.

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

AUD/USD - Trade Ideas

Entry Price – Buy Above 0.66505

Take Profit – 0.66923

Stop Loss – 0.66284

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$418/ -$221

Profit & Loss Per Mini Lot = +$41/ -$22



24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.