Daily Price Outlook

- AUD/USD is trading at $0.66671, down 0.28%, with a bearish outlook below the $0.6680 pivot point.

- Immediate resistance levels are set at $0.6709, $0.6735, and $0.6755, indicating potential upward barriers.

- Support levels at $0.6640, $0.6616, and $0.6591 could serve as key areas for potential downward movements.

The AUD/USD pair is currently trading at $0.66671, reflecting a decline of 0.28% in the 4-hour timeframe. The pivot point at $0.6680 is crucial, serving as a benchmark for potential price movements.

Immediate resistance levels are identified at $0.6709, $0.6735, and $0.6755. These levels indicate where the pair might face upward barriers.

On the support side, immediate support is at $0.6640, followed by $0.6616 and $0.6591. The 50-day Exponential Moving Average (EMA) is positioned at $0.6641, suggesting a near-term support level that traders should monitor closely.

The Relative Strength Index (RSI) is at 54, indicating a neutral market sentiment with a slight leaning towards bullishness.

The current technical setup suggests that the AUD/USD pair might continue to face downward pressure if it fails to break above the pivot point of $0.6680. Given the alignment of the 50 EMA close to the current price, a failure to hold above this level could result in further declines.

The recommended strategy under these conditions is to sell below $0.6680, targeting a take-profit level at $0.6640, with a stop loss at $0.6710.

In conclusion, the outlook for AUD/USD remains bearish below $0.6680. Immediate resistance levels at $0.6709, $0.6735, and $0.6755 could cap any potential upward movements.

On the downside, immediate support at $0.6640 and further levels at $0.6616 and $0.6591 should be monitored closely for signs of continued bearish momentum.

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

AUD/USD - Trade Ideas

Entry Price – Sell Below 0.66891

Take Profit – 0.66400

Stop Loss – 0.67095

Risk to Reward – 1: 2.4

Profit & Loss Per Standard Lot = +$491/ -$204

Profit & Loss Per Mini Lot = +$49/ -$20



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