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

Daily Price Outlook

- AUD/USD down 0.17%, trading at $0.67365 amid bearish momentum.

- Immediate resistance at $0.68; support levels at $0.6710, $0.6690, $0.6670.

- RSI at 30 indicates potential oversold conditions; 50-day EMA at $0.68.

The Australian Dollar (AUD/USD) is currently trading at $0.67365, down 0.17% from the previous session. The 4-hour chart highlights key price levels, with the pivot point set at $0.67. Immediate resistance is observed at $0.68, followed by further resistance levels at $0.6825 and $0.6850.

On the downside, immediate support is noted at $0.6710, with additional support at $0.6690 and $0.6670.

The Relative Strength Index (RSI) stands at 30, indicating that the pair is approaching oversold conditions. This could suggest a potential rebound if the bearish momentum begins to wane. The 50-day Exponential Moving Average (EMA) is positioned at $0.68, providing a key resistance level that the price must overcome to shift towards a more bullish outlook.

The recent decline in the AUD/USD can be attributed to a strengthening U.S. dollar, driven by positive economic data and market expectations of future interest rate hikes by the Federal Reserve.

Additionally, weaker commodity prices and concerns over China's economic slowdown have put additional pressure on the Australian Dollar, which is heavily influenced by global commodity demand.

Traders looking to capitalize on the current downtrend should consider entering short positions below $0.67468, with a take-profit target at $0.67212 and a stop-loss set at $0.67622. This strategy aims to benefit from continued bearish momentum while managing potential risks effectively.

AUD/USD - Trade Ideas

Entry Price – Sell Below 0.67468

Take Profit – 0.67212

Stop Loss – 0.67622

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$256/ -$154

Profit & Loss Per Mini Lot = +$25/ -$15