Daily Price Outlook

- AUD/USD trading at $0.66450, down 0.28%, approaching significant support levels.

- Immediate resistance at $0.67, with support at $0.66 indicating potential further downside.

- RSI at 53 and 50 EMA at $0.66 suggest a neutral to bearish outlook.

The AUD/USD pair is currently trading at $0.66450, reflecting a 0.28% decline. The market is exhibiting bearish tendencies as it approaches crucial support levels. The key pivot point to watch is $0.67, a critical level that could dictate the next directional move for the pair.

Immediate resistance is found at $0.67, with subsequent resistances also aligned at $0.67, indicating a significant barrier for bullish attempts. On the downside, immediate support is at $0.66, followed by additional supports at $0.66 and $0.65. These levels are essential for identifying potential buying interest that may stabilize the price.

The Relative Strength Index (RSI) is at 53, suggesting a neutral stance but leaning slightly towards bearish momentum. The 50-day Exponential Moving Average (EMA) is positioned at $0.66, which the current price hovers around, indicating a potential consolidation phase or a pivotal point for future direction.

The current technical indicators suggest a cautious approach. The bearish sentiment below the pivot point of $0.67 indicates potential further downside if the price breaches immediate support levels. Conversely, a break above the resistance could signal a shift towards a bullish trend.

In conclusion, the technical outlook for AUD/USD remains bearish below $0.67. Traders may consider a buy limit order at $0.66271, aiming for a take profit level at $0.66678. A stop loss should be placed at $0.66007 to manage risk effectively.

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

AUD/USD - Trade Ideas

Entry Price – Buy Limit 0.66271

Take Profit – 0.66678

Stop Loss – 0.66007

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$407/ -$264

Profit & Loss Per Mini Lot = +$40/ -$26



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