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

Daily Price Outlook

- AUD/USD down 0.19%, trading at $0.66020, bearish outlook.

- Key support at $0.6575, resistance at $0.6650, guiding price action.

- RSI at 42, indicating bearish momentum with room for decline.

The AUD/USD pair experienced a slight decline of 0.19%, bringing its price to $0.66020. This minor dip suggests a bearish sentiment in the market, with technical indicators pointing towards potential further declines.

As we analyze the 4-hour chart, key support and resistance levels come into sharp focus, guiding traders on possible price movements.

The pivot point is positioned at $0.6612, slightly above the current price, serving as a critical juncture. Immediate resistance is seen at $0.6650, with subsequent resistance levels at $0.6699 and $0.6735.

Should the price manage to break through these levels, it could signal a shift towards a bullish trend. However, the bearish momentum is more pronounced, as indicated by the immediate support at $0.6575.

Further support can be found at $0.6538 and $0.6497, levels that could be tested if the downward pressure continues.

The Relative Strength Index (RSI) is currently at 42, indicating a bearish momentum but not yet oversold. This suggests there is room for further declines before a potential rebound.

The 50-Day Exponential Moving Average (EMA) is at $0.6639, reinforcing the bearish outlook as the current price remains below this significant moving average.

In conclusion, given the prevailing technical indicators and key price levels, a bearish strategy is advisable. An entry price with a sell order below $0.66267 is recommended, targeting a take profit at $0.65748 while maintaining a stop loss at $0.66596 to manage risk.

AUD/USD - Trade Ideas

Entry Price – Sell Below 0.66267

Take Profit – 0.65748

Stop Loss – 0.66596

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$519/ -$329

Profit & Loss Per Mini Lot = +$51/ -$32