Daily Price Outlook

- AUD/USD is trading at $0.66704, up 0.23%, with a pivot point at $0.6697.

- Immediate resistance at $0.6705, $0.6729, and $0.6754; support at $0.6640, $0.6620, and $0.6586.

- RSI at 66 and 50-day EMA at $0.6623 indicate nearing overbought conditions and strong support.

The AUD/USD is currently trading at $0.66704, up 0.23%, as it navigates within a consolidation phase on the 4-hour chart. The pivot point is set at $0.6697, which is crucial for determining the next price movement.

Immediate resistance levels are identified at $0.6705, followed by $0.6729 and $0.6754. These resistance levels are key hurdles that need to be surpassed for a sustained bullish momentum.

On the downside, immediate support is seen at $0.6640, with further support at $0.6620 and $0.6586. These support levels are essential in preventing deeper declines and will be closely monitored by market participants.

The Relative Strength Index (RSI) is at 66, indicating that the pair is nearing overbought conditions, which could signal a potential reversal or consolidation in the near term. The 50-day Exponential Moving Average (EMA) is positioned at $0.6623, providing a significant support level and reinforcing the bullish outlook.

The overall outlook for AUD/USD remains cautiously bullish above the $0.6697 pivot point. A break above this level could trigger further buying interest, targeting the higher resistance levels mentioned.

Conversely, a drop below the immediate support at $0.6640 could lead to increased selling pressure and test lower support levels.

The recommended entry point is to buy above $0.66616, with a take profit target at $0.66965 and a stop loss at $0.66398.

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

AUD/USD - Trade Ideas

Entry Price – Buy Above 0.66616

Take Profit – 0.66965

Stop Loss – 0.66398

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$349/ -$218

Profit & Loss Per Mini Lot = +$34/ -$21



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