Daily Price Outlook

Despite the risk-off market sentiment, the AUD/USD currency pair maintained its upward momentum, trading well-bid near the 0.6623 mark and reaching an intra-day high of 0.6623. However, the latest uptick followed the release of improved Purchasing Managers Index (PMI) data on Tuesday.

Meanwhile, the Reserve Bank of Australia (RBA) opted to keep the Official Cash Rate (OCR) steady at 4.35% for the eighth consecutive time in November. The central bank is widely expected to maintain this rate in the coming months, supporting the Australian dollar.

Conversely, the US dollar weakened amid uncertainty surrounding the ongoing US presidential election. This factor further bolstered the AUD/USD pair. Moving ahead, Investors are closely watching the election outcome as former President Donald Trump and Vice President Kamala Harris expressed confidence in their campaigns, making final pushes across Pennsylvania on Monday.

Australian Dollar Strengthens Amid Positive Economic Data and US Election Uncertainty

As we mentioned, the Australian Dollar is gaining traction, thanks to better Purchasing Managers Index (PMI) data released on Tuesday. In the meantime, the Reserve Bank of Australia (RBA) has decided to keep the Official Cash Rate (OCR) steady at 4.35%, marking the eighth straight month of maintaining this rate.

However, the central bank is expected to continue this approach after their policy meeting. RBA Governor Michele Bullock highlighted the importance of keeping interest rates high for now because of ongoing inflation risks.

On the data front, Australia's Judo Bank Services PMI improved to 51.0 in October, up from 50.6 in September, indicating better performance than expected. The Composite PMI also increased to 50.2, compared to 49.8 earlier. Additionally, Australia's Producer Price Index (PPI) rose by 0.9% in the third quarter, following a 1.0% increase in the previous quarter and beating forecasts of a 0.7% rise.

This marks the 17th straight period of producer inflation, though annual PPI growth slowed to 3.9% in Q3, down from 4.8% last quarter. Meanwhile, China’s Caixin Services PMI rose to 52.0 in October from 50.3 in September.

Therefore, the AUD/USD pair is likely to strengthen as solid PMI data supports the Australian dollar, while uncertainty surrounding the US presidential election weighs on the US dollar. Investors may favor the AUD amidst stable rates and positive economic indicators.

Impact of US Election Uncertainty and Fed Rate Cut on AUD/USD Pair

On the US front, the broad-based US dollar struggled on Tuesday and turned bearish due to uncertainty surrounding the upcoming presidential election. However, the opinion polls show that Trump and Harris are almost tied, and the final results may take days to determine after the vote.

Trump has indicated that he may contest any unfavorable outcomes, similar to his actions in 2020. This election uncertainty contributed to the dollar's weakness, especially after a poll showed Kamala Harris leading Trump 47% to 44% in Iowa.

In addition to the election, investors are closely watching the US Federal Reserve's policy decision expected on Thursday, with markets anticipating a modest 25 basis point rate cut. The CME FedWatch Tool shows a 99.5% chance of this rate cut happening in November.

Meanwhile, the TD-MI Inflation Gauge rose by 0.3% month-over-month in October, up from 0.1% the previous month, marking the highest reading since July. Annually, the gauge increased to 3.0% from 2.6%. Furthermore, the US Bureau of Labor Statistics reported that October's Nonfarm Payrolls only increased by 12,000, far below expectations, while the Unemployment Rate held steady at 4.1%.

Therefore, the uncertainty from the US election and anticipated Fed rate cut may weaken the US dollar, potentially boosting the AUD/USD pair.

AUD/USD – Technical Analysis

The Australian dollar (AUD/USD) is trading at $0.66140, up 0.46% on the day, reflecting a cautiously optimistic sentiment as it approaches a critical pivot at $0.66189. This level is shaping up as a short-term benchmark for the pair, with technical indicators leaning towards bullish potential. The Relative Strength Index (RSI) stands at 65, suggesting some upward momentum but nearing the overbought zone, signaling possible resistance ahead.

Immediate resistance is located at $0.66332, followed by further hurdles at $0.66486. A sustained break above these levels would signal a strengthening bullish trend, setting the stage for an advance. However, the 50-day Exponential Moving Average (EMA) at $0.65869 acts as a lower boundary of support, reinforcing a bullish outlook as long as prices hold above it.

On the downside, support is established at $0.65800, with additional floors at $0.65654 and $0.65464. These levels should serve as safety nets for bullish traders, as a break below $0.65800 could expose the pair to further declines. For now, the trend remains positive, with an entry strategy above $0.66003, targeting $0.66300 while managing downside risk with a stop loss at $0.65842.

The overall picture favors a short-term buying strategy given the strength of key support levels and upward momentum indicators. Traders should watch for a breakout above immediate resistance to confirm further gains.

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Daily Price Outlook

- Bullish Momentum: AUD/USD holds above pivot at $0.66189, signaling potential for further upside.

- Key Support at 50 EMA: $0.65869 acts as a floor, underpinning short-term bullish bias.

- Buy Strategy: Entry above $0.66003, aiming for $0.66300 with a stop loss at $0.65842 to manage downside risks.

The Australian dollar (AUD/USD) is trading at $0.66140, up 0.46% on the day, reflecting a cautiously optimistic sentiment as it approaches a critical pivot at $0.66189. This level is shaping up as a short-term benchmark for the pair, with technical indicators leaning towards bullish potential. The Relative Strength Index (RSI) stands at 65, suggesting some upward momentum but nearing the overbought zone, signaling possible resistance ahead.

Immediate resistance is located at $0.66332, followed by further hurdles at $0.66486. A sustained break above these levels would signal a strengthening bullish trend, setting the stage for an advance. However, the 50-day Exponential Moving Average (EMA) at $0.65869 acts as a lower boundary of support, reinforcing a bullish outlook as long as prices hold above it.

On the downside, support is established at $0.65800, with additional floors at $0.65654 and $0.65464. These levels should serve as safety nets for bullish traders, as a break below $0.65800 could expose the pair to further declines. For now, the trend remains positive, with an entry strategy above $0.66003, targeting $0.66300 while managing downside risk with a stop loss at $0.65842.

The overall picture favors a short-term buying strategy given the strength of key support levels and upward momentum indicators. Traders should watch for a breakout above immediate resistance to confirm further gains.

AUD/USD - Trade Ideas

Entry Price – Buy Above 0.66003

Take Profit – 0.66300

Stop Loss – 0.65842

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$297/ -$161

Profit & Loss Per Mini Lot = +$29/ -$16

Daily Price Outlook

- Pivot Point Weakness: AUD/USD remains below the $0.66094 pivot, underscoring a bearish sentiment.

- Key Resistance Levels: Immediate resistance is seen at $0.65849, with stronger levels above at $0.66449.

- Support Levels: Key support zones include $0.65420 and $0.65092, with a deeper floor at $0.64730.

The AUD/USD pair is currently trading at $0.65676, down 0.06% on the day, as it remains under pressure below the pivot point at $0.66094. The pair is struggling to gain traction amidst broader market sentiment favoring the U.S. dollar. With an RSI of 42, AUD/USD appears to be in a modestly bearish phase, indicating potential for further downside if selling momentum persists.

Immediate resistance for the pair stands at $0.65849, followed by more significant resistance levels at $0.66449 and $0.66873. A breakout above these levels would need strong buying interest, which is unlikely without supportive economic data or a shift in market sentiment.

On the downside, immediate support is located at $0.65420, with subsequent levels at $0.65092 and $0.64730. Notably, the 50-day Exponential Moving Average (EMA) is positioned at $0.66234, acting as a key barrier above the current price. This EMA level reinforces the bearish outlook, as a sustained move below it could signal continued downside momentum.

For traders, a break below the entry price of $0.65857 could present a selling opportunity, targeting $0.65413 with a stop loss at $0.66106.

The current technical landscape suggests AUD/USD may continue its slide unless it manages to reclaim the $0.66094 pivot level, where a bullish reversal would become more likely. Traders should watch for any decisive moves below $0.65857, as it could validate further downside.

AUD/USD - Trade Ideas

Entry Price – Sell Below 0.65857

Take Profit – 0.65413

Stop Loss – 0.66106

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$444/ -$249

Profit & Loss Per Mini Lot = +$44/ -$24

Daily Price Outlook

During the European trading session, the AUD/USD currency pair stopped its sluggish trend, gaining positive traction around the 0.6580 level. This bullish movement came as the US dollar turned bearish, with the US Dollar Index (DXY), which tracks the dollar's value against six major currencies, slipping slightly below 104.00.

Traders are now focused on the upcoming United States Nonfarm Payrolls (NFP) data for October, as it’s expected to shape market expectations for the Federal Reserve's interest rate decisions in the months ahead.

On the AUD side, the slower-than-expected inflation growth in Australia has dampened market expectations for a rate hike by the Reserve Bank of Australia (RBA), negatively impacting the Australian dollar (AUD) as investors seek higher-yielding currencies

Cautious US Market Sentiment and Its Impact on AUD/USD Pair

On the US side, market sentiment is cautious as investors adopt a risk-averse approach ahead of the presidential elections on November 5.

Recent national polls show a tight race between former President Donald Trump and current Vice President Kamala Harris, with many traders seemingly betting on a Trump victory.

If elected, Trump is expected to implement protectionist policies that could significantly impact the US's major trading partners.

Moreover, the US Dollar Index (DXY), which measures the dollar's strength against six major currencies, has dipped slightly below 104.00.

The upcoming Nonfarm Payrolls (NFP) report is projected to show an addition of only 115,000 jobs in October, a decrease from 254,000 in September, while the unemployment rate is expected to remain steady at 4.1%.

Investors are also keeping an eye on the US ISM Manufacturing PMI for October, which is anticipated to show a contraction but at a slower pace, moving from 47.2 in September to 47.6. These data points will likely influence market expectations for the Federal Reserve's interest rate decisions in the coming months.

Therefore, the cautious market sentiment and anticipated protectionist policies from a potential Trump presidency may weaken risk appetite, which could support the AUD/USD pair as a bearish US dollar makes Australian assets more appealing.

Meanwhile, disappointing US employment data may lead to a weaker dollar, further bolstering the AUD/USD exchange rate.

Impact of Slower Inflation on AUD/USD Pair

On the other side, inflation growth in Australia has been slower than anticipated in the third quarter, affecting market expectations for the Reserve Bank of Australia (RBA). As a result, traders now believe the RBA will maintain its Official Cash Rate (OCR) at current levels for a longer period.

Notably, the year-on-year Consumer Price Index (CPI) dropped significantly from 3.8% in the previous quarter to 2.8%, which was faster than analysts expected. In the meantime, the Annual Trimmed Mean CPI, which the RBA prefers to use as its inflation measure, increased by 3.5%, aligning with expectations.

Therefore, the slower-than-expected inflation growth in Australia may weaken the Australian dollar against the US dollar, as market expectations shift toward a prolonged period of stable interest rates from the RBA. This could create downward pressure on the AUD/USD pair.

AUD/USD – Technical Analysis

The AUD/USD pair is currently trading at $0.65676, down 0.06% on the day, as it remains under pressure below the pivot point at $0.66094.

The pair is struggling to gain traction amidst broader market sentiment favoring the U.S. dollar. With an RSI of 42, AUD/USD appears to be in a modestly bearish phase, indicating potential for further downside if selling momentum persists.

Immediate resistance for the pair stands at $0.65849, followed by more significant resistance levels at $0.66449 and $0.66873. A breakout above these levels would need strong buying interest, which is unlikely without supportive economic data or a shift in market sentiment.

On the downside, immediate support is located at $0.65420, with subsequent levels at $0.65092 and $0.64730. Notably, the 50-day Exponential Moving Average (EMA) is positioned at $0.66234, acting as a key barrier above the current price.

This EMA level reinforces the bearish outlook, as a sustained move below it could signal continued downside momentum.

For traders, a break below the entry price of $0.65857 could present a selling opportunity, targeting $0.65413 with a stop loss at $0.66106.

The current technical landscape suggests AUD/USD may continue its slide unless it manages to reclaim the $0.66094 pivot level, where a bullish reversal would become more likely. Traders should watch for any decisive moves below $0.65857, as it could validate further downside.

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Daily Price Outlook

- Bearish Sentiment: AUD/USD trades below $0.66097, with pivot point resistance at $0.66544.

- Oversold Signal: RSI at 28 hints at short-term rebound potential, but caution prevails.

- Critical Support: Immediate support at $0.65498; stronger support at $0.65092 if downtrend continues.

The Australian Dollar (AUD/USD) has seen a pullback, currently trading at $0.65649, marking a 0.27% decline. This downward momentum places the pair below key support and moving averages, indicating a bearish outlook in the short term.

Immediate resistance is found at $0.66097, and breaking above this could trigger a mild recovery, potentially guiding prices toward the next resistance levels at $0.66895 and $0.67227.

The pivot point rests at $0.66544, offering a significant threshold that traders will monitor closely. AUD/USD remains below its 50-day EMA, positioned at $0.66527, underscoring the continued bearish pressure.

The Relative Strength Index (RSI) is low at 28, signaling oversold conditions, which may lead to some short-term buying interest. However, the broader trend suggests caution until the pair crosses above the immediate resistance levels.

On the downside, if selling pressure intensifies, the pair could test support at $0.65498, followed by deeper support at $0.65092 and $0.64730. Traders looking to enter long positions might find buying opportunities above $0.65499, with a potential take-profit target near $0.66097 and a stop-loss set at $0.65088 to manage downside risk.

While oversold conditions suggest a possible bounce, the AUD/USD pair’s position below the pivot and 50-day EMA warrants a cautious approach. A decisive move above $0.66097 is necessary to alleviate some bearish sentiment and signal a potential recovery.

AUD/USD - Trade Ideas

Entry Price – Buy Above 0.65499

Take Profit – 0.66097

Stop Loss – 0.65088

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$598/ -$411

Profit & Loss Per Mini Lot = +$59/ -$41

Daily Price Outlook

During the European trading session, the AUD/USD currency pair continued its bearish trend, dropping to around 0.6575. This decline is largely driven by renewed buying interest in the US Dollar (USD), supported by expectations of a less aggressive approach from the Federal Reserve regarding policy easing.

On the other hand, there’s growing speculation about a possible interest rate cut by the Reserve Bank of Australia (RBA).

This speculation is partly due to anticipated consumer inflation data for Australia, set to be released on Wednesday. Analysts expect the annual inflation rate for the September quarter to drop to 2.9%, the lowest since March 2021.

These factors are putting pressure on the Australian Dollar (AUD), contributing to the selling tone surrounding the AUD/USD pair.

Moving ahead, investors seem cautious ahead of important US economic reports this week, including the Advance Q3 GDP, the Personal Consumption Expenditures (PCE) Price Index, and the Nonfarm Payrolls (NFP) report.

US Dollar Gains Momentum on Fed Expectations and Deficit Concerns

On the US front, the recent buying of the US Dollar (USD) is supported by expectations that the Federal Reserve (Fed) will take a less aggressive approach to policy easing.

However, the recent macroeconomic data suggests that the US economy is performing well, leading to increased market confidence that the Fed may implement smaller interest rate cuts throughout the year. This optimism is helping to strengthen the US dollar.

Moreover, the increasing concerns over spending plans proposed by Vice President Kamala Harris and Republican nominee Donald Trump are raising worries about a larger budget deficit.

This has contributed to higher US Treasury bond yields, which further supports the US Dollar. These factors are putting downward pressure on the AUD/USD pair, dragging it lower as traders respond to the stronger USD and ongoing economic developments.

Australian Dollar Faces Pressure Amid Inflation Expectations and Economic Developments

On the AUD front, there are growing expectations that Australia’s consumer inflation rate will come in at 2.9% for the September quarter, the lowest it has been since March 2021.

This has led to speculation about a possible interest rate cut by the Reserve Bank of Australia (RBA), which is putting additional pressure on the Australian Dollar (AUD) and dragging down the AUD/USD pair.

On the positive side, the AUD is getting some support from news that China plans to approve the issuance of over ¥10 trillion in extra debt to boost its economy, potentially starting as soon as next week.

Traders are now keeping an eye on upcoming US economic data, including the Consumer Confidence Index and the Job Openings and Labor Turnover Survey (JOLTS), which will influence market sentiment.

AUD/USD – Technical Analysis

The Australian Dollar (AUD/USD) has seen a pullback, currently trading at $0.65649, marking a 0.27% decline. This downward momentum places the pair below key support and moving averages, indicating a bearish outlook in the short term.

Immediate resistance is found at $0.66097, and breaking above this could trigger a mild recovery, potentially guiding prices toward the next resistance levels at $0.66895 and $0.67227.

The pivot point rests at $0.66544, offering a significant threshold that traders will monitor closely. AUD/USD remains below its 50-day EMA, positioned at $0.66527, underscoring the continued bearish pressure.

The Relative Strength Index (RSI) is low at 28, signaling oversold conditions, which may lead to some short-term buying interest. However, the broader trend suggests caution until the pair crosses above the immediate resistance levels.

On the downside, if selling pressure intensifies, the pair could test support at $0.65498, followed by deeper support at $0.65092 and $0.64730. Traders looking to enter long positions might find buying opportunities above $0.65499, with a potential take-profit target near $0.66097 and a stop-loss set at $0.65088 to manage downside risk.

While oversold conditions suggest a possible bounce, the AUD/USD pair’s position below the pivot and 50-day EMA warrants a cautious approach. A decisive move above $0.66097 is necessary to alleviate some bearish sentiment and signal a potential recovery.

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Daily Price Outlook

- AUD/USD is trading below the 50 EMA, signaling resistance at $0.66622.

- The immediate pivot point is at $0.66509, with key resistance at $0.66682.

- Consider a sell limit at $0.66548 with a take profit at $0.66294.

The AUD/USD pair is trading at $0.66459, marking a 0.19% gain in today's session. The price hovers just below the pivot point at $0.66509, with immediate resistance at $0.66682. Should the pair break above this level, further resistance can be found at $0.66895 and $0.67071. However, if AUD/USD fails to hold its current position, immediate support lies at $0.66302, followed by deeper support levels at $0.66135 and $0.65993.

The technical indicators suggest a cautious outlook. The 50-day Exponential Moving Average (EMA) is at $0.66622, indicating that the pair is slightly below this key technical level, which could cap further upside momentum. Traders will be closely watching to see if the pair can break above the EMA or if downward pressure resumes.

Given the current price action, a sell limit order at $0.66548 might offer an opportunity, with a take-profit target of $0.66294. A stop-loss at $0.66722 would help manage potential risks should the pair break above key resistance levels.

Conclusion: AUD/USD remains below its 50 EMA, with resistance at $0.66682 posing a challenge. A sell limit order at $0.66548 with a target of $0.66294 could capitalize on short-term bearish momentum, though traders should watch for any break above $0.66722 for potential upside risks.

AUD/USD - Trade Ideas

Entry Price – Sell Limit 0.66548

Take Profit – 0.66294

Stop Loss – 0.66722

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$254/ -$174

Profit & Loss Per Mini Lot = +$25/ -$17

Daily Price Outlook

During the European trading session, the AUD/USD currency pair continued its upward trend, remaining well bid around 0.6656 and reaching an intraday high of 0.6662. However, this upward trend was driven by a modest decline in the US Dollar (USD), which lost its traction in the wake of weaker US Treasury bond yields.

Moreover, the risk-on performance in equity markets has prompted profit-taking on the safe-haven USD, benefiting the risk-sensitive Australian Dollar (AUD). However, a combination of factors is likely to limit any significant decline in the USD, capping the potential gains for the AUD/USD pair.

US Dollar Index Retreats as Bond Yields Correct, Impacting AUD/USD Pair

On the US front, the broad-based US Dollar has retreated from a nearly three-month high and faced mild decline on Thursday. This decline is linked to a correction in US Treasury bond yields as well as stable performance in equity markets has led to profit-taking on the safe-haven USD, which benefits the risk-sensitive Australian Dollar (AUD).

Meanwhile, the market participants have fully priced out the chances of a more aggressive policy easing by the Federal Reserve, as recent US economic data indicates that the economy remains strong.

However, the concerns about increased deficits from spending plans by Vice President Kamala Harris and Republican nominee Donald Trump are expected to support US bond yields and revive demand for the USD.

Looking ahead, traders are eager for the release of the flash US PMI figures for October. Meanwhile, US bond yields and overall risk sentiment will influence USD price movements, creating potential short-term trading opportunities for the AUD/USD pair.

AUD/USD – Technical Analysis

The AUD/USD pair is trading at $0.66459, marking a 0.19% gain in today's session. The price hovers just below the pivot point at $0.66509, with immediate resistance at $0.66682. Should the pair break above this level, further resistance can be found at $0.66895 and $0.67071. However, if AUD/USD fails to hold its current position, immediate support lies at $0.66302, followed by deeper support levels at $0.66135 and $0.65993.

The technical indicators suggest a cautious outlook. The 50-day Exponential Moving Average (EMA) is at $0.66622, indicating that the pair is slightly below this key technical level, which could cap further upside momentum. Traders will be closely watching to see if the pair can break above the EMA or if downward pressure resumes.

Given the current price action, a sell limit order at $0.66548 might offer an opportunity, with a take-profit target of $0.66294. A stop-loss at $0.66722 would help manage potential risks should the pair break above key resistance levels.

Conclusion: AUD/USD remains below its 50 EMA, with resistance at $0.66682 posing a challenge. A sell limit order at $0.66548 with a target of $0.66294 could capitalize on short-term bearish momentum, though traders should watch for any break above $0.66722 for potential upside risks.

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Daily Price Outlook

During the European trading session, the AUD/USD currency pair maintained its upward momentum, gaining positive traction around the 0.6687 level and reaching an intra-day high of 0.6694.

This upward movement can be attributed to the hawkish outlook from the Reserve Bank of Australia (RBA), driven by strong employment data from Australia. Additionally, China's recent rate cuts provided further support for the AUD, as China is Australia’s largest trading partner.

However, the pair gains could be limited amid sharp rise in US Treasury yields, which surged over 2% on Monday due to signs of robust economic activity and concerns about a potential resurgence of inflation in the United States.

Traders are now anticipating the upcoming Purchasing Managers Index (PMI) reports from both the US and Australia, set for release on Thursday. These reports could offer further insights into the economic outlooks and influence future monetary policy decisions.

Positive RBA Outlook and Strong Employment Data Support AUD/USD, But Future Rate Cut Expectations May Limit Gains

On the AUD front, the Australian Dollar received support from a positive outlook on the Reserve Bank of Australia’s (RBA) policy, fueled by strong employment data. China's recent interest rate cuts also benefited the AUD, as China is Australia’s largest trading partner.

RBA Deputy Governor Andrew Hauser, speaking at the CBA 2024 Global Markets Conference, highlighted the surprisingly strong employment growth and noted that while the RBA closely watches data, it remains flexible and not overly focused on short-term changes.

On the data front, Australia’s job market showed impressive gains in September, with employment rising by 64.1K, much higher than the expected 25K increase. This pushed total employment to a record 14.52 million.

Meanwhile, the unemployment rate held steady at 4.1%, below the forecasted 4.2%. In response to these developments, the National Australia Bank revised its outlook for RBA rate cuts, now predicting the first reduction in February 2025, instead of May, with rates expected to drop gradually to 3.10% by early 2026.

Therefore, the strong employment data and positive RBA outlook boosted the AUD/USD pair, but future rate cut expectations could limit gains as market focus shifts to long-term monetary easing by the RBA.

US Dollar Strengthens on Strong Economic Data and Reduced Fed Rate Cut Expectations, Pressuring AUD/USD Pair

On the US front, the US Dollar gained strength as recent economic data reduced the chances of a large interest rate cut by the Federal Reserve (Fed) in November. The CME FedWatch Tool now indicates an 89.1% likelihood of a 25-basis-point rate cut, with no expectation of a bigger 50-basis-point cut.

US Treasury bond yields also reflect this sentiment, with 2-year yields at 4.02% and 10-year yields at 4.19%. Federal Reserve officials, including Minneapolis President Neel Kashkari, have noted that while the Fed will eventually ease rates, the process will likely be gradual, not aggressive.

On the data front, US economic indicators showed strength. Retail sales increased by 0.4% month-over-month in September, better than both the previous month's 0.1% rise and market expectations of a 0.3% gain.

Additionally, Initial Jobless Claims fell by 19,000 in the week ending October 11, the largest drop in three months, with total claims at 241,000, much lower than the expected 260,000. These figures suggest a healthy labor market, further supporting the Fed’s cautious approach to cutting interest rates gradually.

Therefore, the strong US economic data and reduced chances of aggressive Fed rate cuts boosted the US Dollar, putting downward pressure on the AUD/USD pair as the USD gained strength against the Aussie Dollar.

AUD/USD – Technical Analysis

The Australian dollar is showing a modest uptick against the U.S. dollar, with the AUD/USD pair currently trading at $0.66875, up 0.44% on the day. On the 4-hour chart, the pair remains near key pivot levels, indicating potential for both upside and downside movement depending on upcoming economic data and market sentiment.

The immediate pivot point stands at $0.66985, with the pair's direction largely dictated by price action around this level.

Immediate resistance lies at $0.67233, and if breached, could lead to further upside with targets at $0.67454 and $0.67688. On the flip side, should bearish momentum take over, the price could slip toward immediate support at $0.66687, followed by $0.66512 and $0.66302.

The 50-day Exponential Moving Average (EMA), which is currently positioned at $0.66883, serves as a dynamic support level and will play a critical role in determining near-term direction.

The Relative Strength Index (RSI) is currently at 52, indicating neutral momentum, suggesting that neither buyers nor sellers have a strong grip on the market at present. With the RSI hovering around the mid-point, traders should watch for potential shifts in sentiment based on global risk factors and U.S. dollar dynamics.

In conclusion, the current price action suggests a possible short-term bearish bias if the price slips below $0.66982. A sell entry below this level with a target of $0.66681 and a stop-loss at $0.67158 may provide favorable risk-reward opportunities. However, upside potential remains viable if resistance levels are tested.

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Daily Price Outlook

- AUD/USD is trading around key pivot at $0.66985 with neutral momentum.

- The 50 EMA at $0.66883 acts as dynamic support, keeping the pair in balance.

- RSI at 52 indicates indecision, with potential for shifts in momentum either way.

The Australian dollar is showing a modest uptick against the U.S. dollar, with the AUD/USD pair currently trading at $0.66875, up 0.44% on the day. On the 4-hour chart, the pair remains near key pivot levels, indicating potential for both upside and downside movement depending on upcoming economic data and market sentiment. The immediate pivot point stands at $0.66985, with the pair's direction largely dictated by price action around this level.

Immediate resistance lies at $0.67233, and if breached, could lead to further upside with targets at $0.67454 and $0.67688. On the flip side, should bearish momentum take over, the price could slip toward immediate support at $0.66687, followed by $0.66512 and $0.66302. The 50-day Exponential Moving Average (EMA), which is currently positioned at $0.66883, serves as a dynamic support level and will play a critical role in determining near-term direction.

The Relative Strength Index (RSI) is currently at 52, indicating neutral momentum, suggesting that neither buyers nor sellers have a strong grip on the market at present. With the RSI hovering around the mid-point, traders should watch for potential shifts in sentiment based on global risk factors and U.S. dollar dynamics.

In conclusion, the current price action suggests a possible short-term bearish bias if the price slips below $0.66982. A sell entry below this level with a target of $0.66681 and a stop-loss at $0.67158 may provide favorable risk-reward opportunities. However, upside potential remains viable if resistance levels are tested.

AUD/USD - Trade Ideas

Entry Price – Sell Below 0.66982

Take Profit – 0.66681

Stop Loss – 0.67158

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$301/ -$262

Profit & Loss Per Mini Lot = +$41/ -$26