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

Daily Price Outlook

- Immediate resistance at $0.6670, next at $0.6691, and $0.6716.

- Immediate support at $0.6621, next at $0.6602, and $0.6577.

- RSI at 19, indicating oversold conditions.

The AUD/USD pair is trading at $0.66296, down 0.17% for the day. The 4-hour chart indicates a bearish trend, with the pivot point set at $0.6646. This level is crucial for determining the market's direction. If the price stays below this pivot point, the bearish trend is expected to continue.

Immediate resistance is found at $0.6670, followed by $0.6691 and $0.6716. These levels act as potential barriers to any upward movement. On the downside, immediate support is seen at $0.6621, with further support at $0.6602 and $0.6577, which could provide potential entry points for long positions if the price rebounds.

The Relative Strength Index (RSI) is at 19, indicating that the AUD/USD is in oversold territory. This suggests that a rebound could be imminent, although the overall trend remains bearish. The 50-day Exponential Moving Average (EMA) is at $0.6704, which supports the bearish outlook as long as the price remains below this level.

Given the technical indicators, the suggested trading strategy is to sell below $0.66453, with a take profit target at $0.66104 and a stop loss at $0.66691. This strategy aligns with the current bearish sentiment and key resistance and support levels.

In conclusion, AUD/USD's outlook remains bearish below the pivot point of $0.6646. Traders should monitor these key levels and technical indicators closely to adjust their strategies accordingly.

A break above the pivot point could indicate a shift towards a bullish trend, while maintaining below it supports the bearish trend.

AUD/USD - Trade Ideas

Entry Price – Sell Below 0.66453

Take Profit – 0.66104

Stop Loss – 0.66691

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$349/ -$238

Profit & Loss Per Mini Lot = +$34/ -$23