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

Daily Price Outlook

- Buy Entry: Above $0.67614, targeting $0.67957.

- Immediate Resistance: $0.6796, with further targets at $0.6816 and $0.6837.

- RSI at 55: Indicates a slight bullish bias, with room for further gains.

The AUD/USD pair is currently trading at $0.67752, up 0.18% on the day, signaling a modest bullish trend.

The pivot point to watch is $0.6761. If prices stay above this level, the pair could continue its upward momentum, with immediate resistance at $0.6796, followed by $0.6816 and $0.6837.

A break above these levels could further solidify the bullish trend, with the potential to test higher levels in the short term.

On the downside, immediate support is found at $0.6740, with additional support levels at $0.6717 and $0.6696, providing a cushion for any pullbacks.

The 50-day Exponential Moving Average (EMA), currently at $0.6752, is serving as a crucial support level. As long as the AUD/USD remains above this EMA, the outlook remains positive, with the trend likely to stay bullish.

The Relative Strength Index (RSI) is at 55, indicating that the market is leaning towards bullish territory but isn't overbought, leaving room for further upside.

In summary, the technical indicators suggest that buying interest will likely strengthen if the pair remains above the pivot point at $0.6761.

Traders should consider entering long positions above $0.67614, targeting $0.67957, with a stop loss set at $0.67432 to manage risk. However, a drop below $0.6740 could signal a potential shift towards a bearish trend.

AUD/USD - Trade Ideas

Entry Price – Buy Above 0.67614

Take Profit – 0.67957

Stop Loss – 0.67432

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$343/ -$182

Profit & Loss Per Mini Lot = +$34/ -$18