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

Daily Price Outlook

- Oversold Conditions: RSI is at 28, suggesting the possibility of a short-term bounce.

- Bearish Momentum: AUD/USD remains below its 50-day EMA at 0.68150, indicating a strong downtrend.

- Key Levels to Watch: A break below 0.67149 support could open the door to further declines toward 0.66845.

The AUD/USD pair is currently trading at 0.67354, down 0.51% for the day, following a consistent bearish trend. This decline has pushed the pair below its key pivot point at 0.67678, indicating potential for further downside movement in the near term.

The 4-hour chart suggests that the pair is struggling to regain upward momentum as it hovers around immediate support at 0.67149. Should the price break below this support, the next targets would be at 0.66845 and 0.66569.

The Relative Strength Index (RSI) is hovering at 28, indicating that the pair is in oversold territory and may be due for a short-term corrective bounce. However, the bearish pressure remains strong as AUD/USD trades below its 50-day Exponential Moving Average (EMA) at 0.68150, suggesting that any upward moves could be limited by this resistance level.

On the upside, a move above the immediate resistance at 0.68078 could signal a potential reversal, with subsequent targets at 0.68417 and 0.68884. However, the overall technical sentiment favors further bearishness, particularly if prices continue to stay below the 0.67678 pivot point.

Given the current technical setup, traders should consider selling below 0.67671 with a take profit target at 0.67144 and a stop loss at 0.68050. However, any break above 0.68078 could shift sentiment toward a potential short-term recovery.

AUD/USD - Trade Ideas

Entry Price – Sell Below 0.67671

Take Profit – 0.67144

Stop Loss – 0.68050

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$527/ -$379

Profit & Loss Per Mini Lot = +$52/ -$37