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

Daily Price Outlook

- AUD/USD is holding above the pivot point of $0.6580, signaling potential for further gains.

- Immediate resistance at $0.6620; a break above could extend the bullish trend.

- Support at $0.6547; staying above this level maintains the bullish outlook.

The AUD/USD pair is currently trading at $0.66043, up 0.09% on the 4-hour chart. The Australian dollar seems to be gaining some ground as it approaches key resistance levels.

The pivot point at $0.6580 is particularly important today; holding above this level suggests that the bulls may continue to push prices higher.

Immediate resistance is located at $0.6620, with further resistance at $0.6659 and $0.6702. If the price can break through these levels, it could signal a continuation of the upward trend.

On the downside, immediate support is found at $0.6547, followed by stronger support levels at $0.6508 and $0.6475.

The 50-day Exponential Moving Average (EMA) at $0.6540 is providing a solid base for the current bullish momentum.

The Relative Strength Index (RSI) is at 62, indicating that while the pair is in bullish territory, it's not yet overbought, leaving room for further gains.

Given the current technical setup, a buy limit at $0.65804 with a target of $0.66437 and a stop loss at $0.65428 seems to be a balanced approach.

AUD/USD - Trade Ideas

Entry Price – Buy Limit 0.65804

Take Profit – 0.66437

Stop Loss – 0.65428

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$633/ -$376

Profit & Loss Per Mini Lot = +$63/ -$37