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

Daily Price Outlook

- Immediate resistance at $0.6720 is crucial; a break above could accelerate gains toward $0.6751.

- Support at $0.6635 is pivotal; a breach could trigger further downside pressure.

- The pair remains buoyed by the 50-day EMA at $0.6672, a key technical level that supports the current uptrend.

AUD/USD is trading at $0.66907, up by 0.25%, reflecting a moderate recovery as the pair attempts to gain traction within a largely subdued environment.

The currency pair is hovering above its 50-day Exponential Moving Average (EMA) at $0.6672, a crucial technical level that has served as dynamic support.

This indicates that the bullish momentum could build further if the pair manages to break through immediate resistance levels.

Immediate resistance stands at $0.6720, aligning with the pivot point, which could be a key level for bullish traders.

A break above this resistance could lead AUD/USD toward $0.6751, followed by the next target at $0.6793, suggesting a broader upside potential. However, a failure to breach $0.6720 may limit gains and reinforce selling pressure.

On the downside, immediate support is located at $0.6635, and a move below this could push the pair toward $0.6610 and further down to $0.6580.

The RSI at 60 suggests a mild bullish bias, but it's not yet in overbought territory, signaling there’s room for upward movement.

Traders should be mindful of these key levels. A sustained move above the $0.6720 pivot point is critical for extending the bullish trajectory, while a fall below $0.6635 could signal a deeper correction.

AUD/USD - Trade Ideas

Entry Price – Buy Above 0.66718

Take Profit – 0.67198

Stop Loss – 0.66344

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$480/ -$374

Profit & Loss Per Mini Lot = +$48/ -$37