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

Daily Price Outlook

- AUD/USD is trading near overbought territory with RSI at 74.

- Key pivot point at $0.6738 will determine the short-term trend.

- Support at $0.6704 is crucial for maintaining the bullish outlook.

The AUD/USD pair is currently trading at $0.67258, showing a modest decline of 0.18%. The pivot point at $0.6738 is crucial for determining the short-term direction.

Immediate resistance is located at $0.6754, with further resistance levels at $0.6771 and $0.6792. On the downside, support levels are found at $0.6704, $0.6684, and $0.6666.

The Relative Strength Index (RSI) stands at 74, indicating that the pair is in overbought territory, which could suggest a potential pullback or correction.

The 50-day Exponential Moving Average (EMA) is positioned at $0.6621, providing a strong support level that reinforces the ongoing bullish trend.

Given the current technical setup, if AUD/USD remains above the $0.6704 support level, the bullish outlook is likely to continue.

A break above the immediate resistance at $0.6754 could push the pair higher towards $0.6771 and beyond.

However, if the pair falls below $0.6704, it could trigger a deeper correction towards the next support levels.

Conclusion: The strategy here is to buy above $0.67037, targeting a profit at $0.67652 with a stop loss at $0.66693.

AUD/USD - Trade Ideas

Entry Price – Buy Above 0.67037

Take Profit – 0.67652

Stop Loss – 0.66693

Risk to Reward – 1: 1.7

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

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