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

Daily Price Outlook

- AUD/USD trades above key pivot point, indicating bullish bias.

- Resistance levels at $0.6767, $0.6787, and $0.6804 pose upside potential.

- RSI suggests some room for further upside, but traders should watch for signs of reversal.

The Australian dollar is showing signs of strength against the U.S. dollar, trading up 0.16% at $0.6758. A closer look at the 4-hour chart reveals a bullish bias, with the Aussie perched just above a pivot point of $0.6752.

This level now serves as a crucial support zone, with a break below potentially triggering a move towards the next support levels at $0.6732, $0.6712, and $0.6697.

Conversely, the bulls have their eyes on the immediate resistance at $0.6767. A decisive move above this level could open the door for a rally towards the next resistance targets at $0.6787 and $0.6804.

The 50-day Exponential Moving Average (EMA), currently at $0.6742, is also acting as dynamic support, further reinforcing the bullish outlook.

The Relative Strength Index (RSI) is currently at 64, suggesting some room for further upside before entering overbought territory. However, traders should remain vigilant for any signs of exhaustion or reversal in momentum.

Given the current technical setup, traders could consider initiating long positions above $0.67518, with a stop-loss order placed below $0.67321. The initial target for profit-taking would be the resistance level at $0.67870.

AUD/USD - Trade Ideas

Entry Price – Buy Above 0.67518

Take Profit – 0.67870

Stop Loss – 0.67321

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$352/ -$197

Profit & Loss Per Mini Lot = +$35/ -$19