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

Daily Price Outlook

- Buy Entry: Limit order at $0.66051, targeting $0.66666.

- Immediate Resistance: Watch $0.66434 for a potential breakout.

- Support Levels: Key support at $0.65809; a break below could shift the trend.

The AUD/USD pair is showing a modest uptick, currently trading at $0.66210, which is slightly above its pivot point of $0.66058.

This positioning suggests a bullish sentiment in the short term, especially as the price is holding above the 50-day Exponential Moving Average (EMA) at $0.66015.

The 4-hour chart indicates that the pair is trying to build momentum, with the immediate resistance at $0.66434 being the next hurdle for bulls to overcome.

If the pair can break through this resistance, it may target higher levels at $0.66696 and $0.67019, signaling a continuation of the upward trend.

However, on the downside, the immediate support lies at $0.65809, followed by $0.65471 and $0.65127. These support levels are crucial; a break below them could indicate a shift in sentiment towards a bearish outlook.

The Relative Strength Index (RSI) is currently at 54, which suggests that the market is neither overbought nor oversold, allowing room for further movement in either direction.

With the price hovering around the pivot point and supported by the 50 EMA, the technical outlook leans slightly bullish for now.

For traders looking to enter the market, a buy limit order at $0.66051 could be strategic, with a take profit set at $0.66666. Setting a stop-loss at $0.65707 would help manage risk in case of an unexpected downturn.

AUD/USD - Trade Ideas

Entry Price – Buy Limit 0.66051

Take Profit – 0.66666

Stop Loss – 0.65707

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$615/ -$344

Profit & Loss Per Mini Lot = +$61/ -$34