Daily Price Outlook

In the currency markets, the Australian dollar (AUD) against the US dollar (USD) presents an intriguing technical outlook as of November 7. Over the last 24 hours, the AUD/USD pair has seen a decrease of 0.85%, landing at a current price of 0.6433. The four-hour chart provides a granular view of the price action, with a pivot point marked at 0.6449, indicating a potential inflection point for the pair.

Key resistance and support levels frame the current landscape, with immediate resistance at 0.6582. Further ceilings are found at 0.6652 and 0.6786, which could cap upward movements. Conversely, support is firmly established at 0.6379, with additional floors at 0.6245 and 0.6175, likely to halt any southward price drifts.

From a technical indicator standpoint, the Relative Strength Index (RSI) sits at 46, just below the midpoint of 50, suggesting a tilt towards bearish sentiment without yet entering an oversold territory. The Moving Average Convergence Divergence (MACD) corroborates this bearishness, currently indicating a negative trend as the MACD line resides below the signal line.

The 50-Day Exponential Moving Average (EMA) provides further insight, with the current price above the 50 EMA at 0.6416, giving a glimmer of bullish sentiment in the short-term trend landscape.

Chart pattern analysis augments the price level data and technical indicators. The current pattern, which can be likened to a consolidation phase, indicates potential for either continuation or reversal. Candlestick analysis in the recent sessions would be necessary for additional confirmation.

In conclusion, the overall trend for AUD/USD could be considered bullish if the pair maintains above the crucial 0.6416 level, as indicated by the 50 EMA. The mixed signals from technical indicators suggest a cautious approach. Traders should watch for a decisive break above the 50 EMA and an RSI push above the 50 level to confirm the bullish scenario. The short-term forecast, given the current setup, anticipates the pair may test the immediate resistance level at 0.6582 in the upcoming sessions, should the bullish indicators align.

AUD/USD - Trade Idea 

Entry Price – Buy Above 0.64148

Take Profit – 0.64700

Stop Loss – 0.63664

Risk to Reward – 1: 14

Profit & Loss Per Standard Lot = +$552/ -$484

Profit & Loss Per Mini Lot = +$55/ -$48

Daily Price Outlook

During early European trading on Thursday, the AUD/USD currency pair maintained its upward momentum, remaining strongly above the 0.6400 level. However, this upward trend was fueled by the US Federal Reserve's (FOMC) decision to maintain a stable course, combined with a mix of reports concerning the US economy. This exerted downward pressure on the US dollar and contributed to the losses in the AUD/USD pair. The US Dollar Index (DXY) faced some selling pressure around 106.67, following a retreat from its weekly high of 107.11. Moreover, yields on US Treasury bonds experienced a minor decrease, with the 10-year yield hovering at 4.73%. This decline in yields may have played a role in the weakening of the US dollar.

U.S. Economic Update: FOMC Holds Rates, Mixed Data on Job Market and Manufacturing Sector

It is important to mention that the Federal Open Market Committee (FOMC) chose to maintain unchanged interest rates and uphold a cautious stance on the economy. The FOMC believes that tighter financial conditions could have an impact on the labor market and overall economic activity.

They also noted that recent increases in long-term bond rates have lessened the need for further monetary policy tightening. Currently, the market is only assigning a 22% probability of a rate hike in December, as indicated by the CME FedWatch Tool.

In terms of economic data, the ADP Private Sector Payrolls report for October revealed an increase of 113,000 jobs, which fell short of the anticipated 150,000. On a positive note, the JOLTS job openings data unexpectedly rose to 9.553 million, indicating an increase in job opportunities. However, the ISM Manufacturing PMI for October dipped to 46.7, missing the expected value of 49, and marking the lowest reading since July.

Australian Economic Outlook: RBA Rate Hike Expected with IMF Support

Furthermore, the Reserve Bank of Australia (RBA) is scheduled to announce its decision at the upcoming November meeting. There is an anticipation in the market that the central bank may raise the interest rate by 25 basis points (bps) due to the increasing inflation.

Moreover, the International Monetary Fund (IMF) recently assessed the Australian economy and found it to be robust. They noted that inflation is staying relatively high and suggested that the RBA needs to implement more policy measures to control it. In simpler terms, they believe the RBA should continue tightening policies to keep the economy on track.

AUD/USD - Technical Analysis

The Australian Dollar, colloquially known as the "Aussie," has displayed intriguing movements against its American counterpart in recent days. As of the last measurement, the AUD/USD pair stands at 0.64251. A scrutiny of its 24-hour movement paints a picture of mild volatility, with the currency pair navigating the intricate labyrinth of global macroeconomic forces and central bank decisions.

Analyzing the 4-hour chart lends a deeper insight into the currency's short-term price trajectory. The pivot point for the currency pair is currently situated at 0.63824. On the bullish front, traders should keep an eye on the immediate resistance level of 0.64411, followed by the subsequent resistances at 0.64729 and the more ambitious 0.65109. Conversely, on the bearish spectrum, the immediate support is discerned at 0.63400, with subsequent floors established at 0.62889.

The technical indicators weave an intricate tale. The Relative Strength Index (RSI), a key momentum oscillator, stands at 54.65. Traditionally, an RSI reading above 70 is perceived as overbought territory, while anything below 30 suggests oversold conditions. Given that the current RSI value is just above the neutral 50 threshold, the sentiment leans slightly bullish for the AUD/USD pair. Additionally, the 50-Day Exponential Moving Average (EMA) stands at 0.63547. With the price currently situated above this level, it suggests a short-term bullish trend.

The chart has manifested what seems to be an ascending channel pattern. This pattern typically points to a bullish sentiment, and in this context, indicates the AUD/USD pair's consistent higher lows and higher highs.

In summation, the short-term technical landscape for the AUD/USD is cautiously bullish. Given the present technical setup and the currency's positioning above the 50 EMA, there's a possibility for the AUD/USD to test the immediate resistance of 0.64411 soon. As always, forex traders are advised to stay vigilant and monitor global economic cues that could influence currency movements.

Related News

Daily Price Outlook

The Australian Dollar, colloquially known as the "Aussie," has displayed intriguing movements against its American counterpart in recent days. As of the last measurement, the AUD/USD pair stands at 0.64251. A scrutiny of its 24-hour movement paints a picture of mild volatility, with the currency pair navigating the intricate labyrinth of global macroeconomic forces and central bank decisions.

Analyzing the 4-hour chart lends a deeper insight into the currency's short-term price trajectory. The pivot point for the currency pair is currently situated at 0.63824. On the bullish front, traders should keep an eye on the immediate resistance level of 0.64411, followed by the subsequent resistances at 0.64729 and the more ambitious 0.65109. Conversely, on the bearish spectrum, the immediate support is discerned at 0.63400, with subsequent floors established at 0.62889.

The technical indicators weave an intricate tale. The Relative Strength Index (RSI), a key momentum oscillator, stands at 54.65. Traditionally, an RSI reading above 70 is perceived as overbought territory, while anything below 30 suggests oversold conditions. Given that the current RSI value is just above the neutral 50 threshold, the sentiment leans slightly bullish for the AUD/USD pair. Additionally, the 50-Day Exponential Moving Average (EMA) stands at 0.63547. With the price currently situated above this level, it suggests a short-term bullish trend.

The chart has manifested what seems to be an ascending channel pattern. This pattern typically points to a bullish sentiment, and in this context, indicates the AUD/USD pair's consistent higher lows and higher highs.

In summation, the short-term technical landscape for the AUD/USD is cautiously bullish. Given the present technical setup and the currency's positioning above the 50 EMA, there's a possibility for the AUD/USD to test the immediate resistance of 0.64411 soon. As always, forex traders are advised to stay vigilant and monitor global economic cues that could influence currency movements.

AUD/USD - Trade Idea

Entry Price – Sell Below 0.64397

Take Profit – 0.63804

Stop Loss – 0.64798

Risk to Reward – 1: 4

Profit & Loss Per Standard Lot = +$593/ -$401

Profit & Loss Per Mini Lot = +$59/ -$40

Daily Price Outlook

Despite the positive Australian Retail Sales data, the AUD/USD currency pair ended a three-day winning streak on Tuesday. However, this reversal can be attributed to the resurgence of the US Dollar, which is exerting downward pressure on the AUD/USD pair. Additionally, the Reserve Bank of Australia (RBA) is scheduled to announce its policy decision on November 7. It is widely expected that Australia's central bank will increase interest rates by 25 basis points in the upcoming meeting due to heightened inflation.

Australian Economic Indicators and Impact on AUD/USD Pair

It's worth noting that Australia's Retail Sales showed remarkable performance in September, with a notable increase of 0.9%. This figure surpassed market expectations of 0.3% and marked a substantial improvement compared to the previous month's 0.2% performance.

Looking at Australia's Producer Price Index (PPI), it showed a slight decrease, dropping to 3.8% yearly in the third quarter, compared to the previous quarter's 3.9%. However, on a quarterly basis, the PPI had a remarkable increase, reaching 1.8%, up from the earlier reading of 0.5%.

In the meantime, the Australian Consumer Price Index (CPI) for the third quarter of 2023 reached 1.2%, surpassing both the 0.8% increase in the previous quarter and the market's expected 1.1% for the same period.

Thereby, the Reserve Bank of Australia expressed concerns about inflation due to supply disruptions. Governor Michele Bullock stated that if inflation remains higher than expected, the RBA will take suitable measures.

Hence, the positive retail sales and increased inflation in Australia might strengthen the Australian dollar (AUD), while concerns about inflation and reduced demand could potentially weaken the AUD/USD pair.

Global Economic Developments and Their Impact on AUD/USD Pair

Furthermore, China's NBS Manufacturing Purchasing Managers' Index (PMI) unexpectedly dropped to 49.5 from the previous expansion of 50.2 in July, missing the expected 50.2. The NBS Services PMI also fell to 50.6 in September, lower than the anticipated 51.8 and the earlier reading of 51.7.

There are reports indicating a possible meeting between US President Joe Biden and China's President Xi Jinping in November, following extensive diplomatic efforts aimed at repairing relations.

Meanwhile, US Core Personal Consumption Expenditures Price Index (YoY) slightly decreased to 3.7% from 3.8%. However, the monthly index rose to 0.3%, meeting expectations and up from the previous 0.1%. The University of Michigan Consumer Index exceeded expectations in October, reaching 63.8 against an expected 63.0.

Hence, the negative economic data from China and the potential US-China meeting in November may put downward pressure on the AUD/USD pair.

AUD/USD - Technical Analysis

The AUD/USD currency pair, as of October 31, is witnessing some turbulence, currently trading at 0.63438, a dip of 0.50% within the past 24 hours. In the intricate realm of forex, the asset's key price metrics provide a clearer understanding of its potential trajectory. Specifically, the pivot point for this pair stands firmly at $0.6334. Should the momentum lean bullish, the immediate resistance is seen at $0.6399, with further ceilings expected at $0.6465 and $0.6529. Conversely, if bears dominate, the immediate floor lies at $0.6270, with deeper supports at $0.6206 and $0.6140.

From a technical standpoint, the Relative Strength Index (RSI), a popular momentum oscillator, rests at 49. This figure, just a notch below the neutral 50 threshold, hints at a mild bearish sentiment. Meanwhile, the Moving Average Convergence Divergence (MACD), another revered momentum tracker, paints a somewhat concerning picture. The MACD line trails slightly below its signal line, signaling potential downward momentum on the horizon.

Not to be overlooked, the 50-Day Exponential Moving Average (EMA), which smoothens price data to create a single flowing line, is currently valued at $0.6343. This is nearly identical to the asset's current price, suggesting a neutral stance in the short-term trend. As of now, no distinct chart pattern has emerged, leaving traders and analysts to rely primarily on the aforementioned indicators.

In wrapping up this technical analysis, the AUD/USD showcases a neutral to mildly bearish trend. However, optimism remains. If the currency pair can hold its ground above the crucial pivot of $0.63335, it might tilt the scales towards bullishness. In the days ahead, given the asset's current position amidst its resistance and support zones, it's plausible to anticipate the AUD/USD making a move to test the resistance level at $0.6399. As always, investors are advised to keep their eyes peeled on these instrumental levels and indicators to navigate

Related News

Daily Price Outlook

The AUD/USD currency pair, as of October 31, is witnessing some turbulence, currently trading at 0.63438, a dip of 0.50% within the past 24 hours. In the intricate realm of forex, the asset's key price metrics provide a clearer understanding of its potential trajectory. Specifically, the pivot point for this pair stands firmly at $0.6334. Should the momentum lean bullish, the immediate resistance is seen at $0.6399, with further ceilings expected at $0.6465 and $0.6529. Conversely, if bears dominate, the immediate floor lies at $0.6270, with deeper supports at $0.6206 and $0.6140.

From a technical standpoint, the Relative Strength Index (RSI), a popular momentum oscillator, rests at 49. This figure, just a notch below the neutral 50 threshold, hints at a mild bearish sentiment. Meanwhile, the Moving Average Convergence Divergence (MACD), another revered momentum tracker, paints a somewhat concerning picture. The MACD line trails slightly below its signal line, signaling potential downward momentum on the horizon.

Not to be overlooked, the 50-Day Exponential Moving Average (EMA), which smoothens price data to create a single flowing line, is currently valued at $0.6343. This is nearly identical to the asset's current price, suggesting a neutral stance in the short-term trend. As of now, no distinct chart pattern has emerged, leaving traders and analysts to rely primarily on the aforementioned indicators.

In wrapping up this technical analysis, the AUD/USD showcases a neutral to mildly bearish trend. However, optimism remains. If the currency pair can hold its ground above the crucial pivot of $0.63335, it might tilt the scales towards bullishness. In the days ahead, given the asset's current position amidst its resistance and support zones, it's plausible to anticipate the AUD/USD making a move to test the resistance level at $0.6399. As always, investors are advised to keep their eyes peeled on these instrumental levels and indicators to navigate

AUD/USD - Trade Idea

Entry Price – Buy Limit 0.6336

Take Profit – 0.63903

Stop Loss – 0.63063

Risk to Reward – 1: 1.75

Profit & Loss Per Standard Lot = +$534/ -$306

Profit & Loss Per Micro Lot = +$53/ -$30

Daily Price Outlook

In the grand theater of the forex market, the AUD/USD currency pair has played a significant role. On this day, the pair trades at 0.627778, showing a decline of 0.49% during the Asian session. This movement occurs on a 4H chart timeframe, revealing a short-term glimpse of the pair's trajectory.

The pivot point, a linchpin for many traders, is set at 0.6287. This means that the immediate resistance level the AUD/USD might face lies at 0.6338. If the bullish sentiment continues, traders should keep an eye on the subsequent resistance levels at 0.6391 and 0.6432. However, if the bears dominate the scene, the AUD/USD could seek support at 0.6251, followed by 0.6214, and then at the crucial 0.6178 mark.

Delving into the technical indicators, the Relative Strength Index (RSI) stands at 34. This value indicates a bearish sentiment, as it's below the neutral 50 mark. Moreover, nearing the 30 level, it's inching closer to the oversold territory, hinting that the selling momentum might be overextended.

The MACD, which offers insights into the pair's momentum and potential reversals, currently reads a value of 0.00, with its signal line at -0.0008. This means the MACD line is slightly above the signal line, suggesting a potential shift towards an upward momentum, albeit weak.

The 50-Day Exponential Moving Average (50 EMA) for the AUD/USD stands at 0.6408. With the current price trading below this EMA, it underscores a short-term bearish trend. This is a noteworthy sign, implying that sellers have had the upper hand recently.

The overarching trend for AUD/USD is bearish, especially when trading below the 0.6287 mark, which interestingly forms a triple top pattern. This pattern, known for its bearish reversal connotation, could be indicative of a potential downward push. In the coming days, given the current data and market sentiment, the AUD/USD might test its immediate support levels, unless a significant bullish trigger enters the fray.

AUD/USD - Trade Idea

Entry Price – Sell Limit 0.63095

Take Profit – 0.62513

Stop Loss – 0.63558

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$582/ -$463

Profit & Loss Per Micro Lot = +$58/ -$46

Daily Price Outlook

The AUD/USD currency pair has failed to stop its downward rally and continued its decline for a second consecutive session, trading near its yearly lows on Thursday. However, the reason for its decline can be attributed to the strength of the US Dollar, which has been bolstered by higher US Treasury yields. Furthermore, Israel's Prime Minister, Benjamin Netanyahu, has announced the readiness for a potential ground assault in Gaza. This action could dampen risk sentiment in the market and further contribute to losses in riskier assets like the Australian Dollar. In contrast, the Reserve Bank of Australia (RBA) is expected to raise interest rates, a move that could help limit the losses of the AUD/USD pair.

Impact of Australian Inflation Data and RBA's Actions on AUD/USD

It's worth noting that Australia's recent inflation data has strengthened the probability of the Reserve Bank of Australia (RBA) raising interest rates by 25 basis points in its November meeting. Notably, the Consumer Price Index (CPI) showed a slight uptick in the third quarter of 2023, according to the Australian Bureau of Statistics.

RBA Governor Michele Bullock stated that the CPI increase, which was slightly higher than anticipated but still within the expected range, underscores the RBA's cautious approach. Their aim is to support the economy without pushing it into a recession.

In the current quarter, Australia's CPI has risen to 1.2%, up from the previous quarter's 0.8% and slightly above the market's expected 1.1%. On the economic front, Australia's S&P Global Composite PMI for October has declined to 47.3 from the previous 51.5. Both the Manufacturing and Services PMIs have also displayed a noticeable slowdown.

Hence, the prospect of an RBA interest rate hike in response to higher CPI could potentially strengthen the AUD and boost the AUD/USD currency pair, but concerns about economic slowdown may limit its impact.

Recent Developments and Their Impact on Currency Markets

Furthermore, the US Dollar Index (DXY) is currently on a winning streak, buoyed by robust US Treasury yields and improved preliminary S&P Global PMI figures. Geopolitical tensions are also driving investments in safe-haven assets. Israel's Prime Minister, Benjamin Netanyahu, has announced the potential for ground action in Gaza, and Iran's Foreign Minister, Hossein Amir-Abdollahian, has arrived in the USA for talks regarding the Hamas-Israel situation.

Therefore, this news could further bolster the US Dollar, which will likely exert downward pressure on the AUD/USD pair as demand for the USD as a safe-haven currency increases.

Meanwhile, the US S&P Global Composite PMI for October increased to 51.0, with the Services PMI at 50.9 and the Manufacturing PMI at 50.0. Moving on, investor attention will shift towards the US Q3 Gross Domestic Product (GDP) report on Thursday, with a specific focus on the US Core Personal Consumption Expenditures (PCE). In the meantime, Australia's Producer Price Index (PPI) will be in the spotlight on Friday.

AUD/USD - Technical Analysis

In the grand theater of the forex market, the AUD/USD currency pair has played a significant role. On this day, the pair trades at 0.627778, showing a decline of 0.49% during the Asian session. This movement occurs on a 4H chart timeframe, revealing a short-term glimpse of the pair's trajectory.

The pivot point, a linchpin for many traders, is set at 0.6287. This means that the immediate resistance level the AUD/USD might face lies at 0.6338. If the bullish sentiment continues, traders should keep an eye on the subsequent resistance levels at 0.6391 and 0.6432. However, if the bears dominate the scene, the AUD/USD could seek support at 0.6251, followed by 0.6214, and then at the crucial 0.6178 mark.

Delving into the technical indicators, the Relative Strength Index (RSI) stands at 34. This value indicates a bearish sentiment, as it's below the neutral 50 mark. Moreover, nearing the 30 level, it's inching closer to the oversold territory, hinting that the selling momentum might be overextended.

The MACD, which offers insights into the pair's momentum and potential reversals, currently reads a value of 0.00, with its signal line at -0.0008. This means the MACD line is slightly above the signal line, suggesting a potential shift towards an upward momentum, albeit weak.

The 50-Day Exponential Moving Average (50 EMA) for the AUD/USD stands at 0.6408. With the current price trading below this EMA, it underscores a short-term bearish trend. This is a noteworthy sign, implying that sellers have had the upper hand recently.

The overarching trend for AUD/USD is bearish, especially when trading below the 0.6287 mark, which interestingly forms a triple top pattern. This pattern, known for its bearish reversal connotation, could be indicative of a potential downward push. In the coming days, given the current data and market sentiment, the AUD/USD might test its immediate support levels, unless a significant bullish trigger enters the fray.

Related News

Daily Price Outlook

As we approach the close of October 24, the AUD/USD pair offers a compelling narrative for investors and traders. Currently priced at 0.63572, the Australian Dollar has experienced an uplift of 0.33% against the US Dollar over the last 24 hours. The 4-hour (4H) chart, revered by many for its equilibrium between short-term volatility and overarching trend identification, elucidates several pivotal factors.

The heart of our examination revolves around the Pivot Point, stationed at 0.6336. From this fulcrum, the AUD/USD showcases a multi-tiered resistance structure: The immediate resistance awaits at 0.6373, followed closely by 0.6432, and then 0.6470. In the face of downward pressures, support for the pair lies at 0.6274, with subsequent bastions at 0.6236 and 0.6178.

Delving into our technical indicators, the RSI, or Relative Strength Index, registers at 58. Historically, any reading surpassing 70 signifies overbought conditions, while figures below 30 indicate oversold territories. Given the RSI's positioning above 50, we discern a prevailing bullish sentiment.

In the realm of momentum, our MACD metrics are of particular note. The MACD reads 0.0006, juxtaposed against its Signal line at 0.0002. Conventionally, a MACD line breaching above its Signal counterpart heralds positive momentum, and our current setup confirms this upward trajectory.

The 50-Day Exponential Moving Average (EMA) sits at 0.6340. With the AUD/USD pair's price eclipsing this average, it's indicative of a short-term bullish trend.

In terms of chart patterns, while the 4H chart can host a myriad of configurations, no dominant patterns such as Symmetrical Triangles or upward channels are apparent currently. However, the dynamic nature of financial charts necessitates regular monitoring for emergent patterns.

Conclusion:

In summation, the overarching trend for AUD/USD is bullish, especially if it remains anchored above the 0.6336 threshold. In the ensuing trading sessions, given the pair's technical posture, we anticipate AUD/USD to challenge the immediate resistance mark of 0.6373.

AUD/USD - Trade Idea

Entry Price – Buy Limit 0.63421

Take Profit – 0.63913

Stop Loss – 0.63100

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$492/ -$321

Profit & Loss Per Micro Lot = +$49/ -$32

Daily Price Outlook

gains for the second consecutive day. However, the bearish US dollar, pressured by the lower US Treasury yields, was seen as one of the key factor that kept the AUD/USD currency pair higher. Furthermore the risk-on market sentiment, backed by the easing tension in the Middle east, was seen as a another key factor that boosted the AUD/USD currency pair.

Australia's Economic Challenges and the Impact on AUDUSD

According to the latest update, Australia's initial S&P Global Manufacturing and Services PMI for October indicates a minor slowdown. This suggests that both the manufacturing and services sectors may not be performing as robustly as expected. Financial markets are speculating that the Reserve Bank of Australia (RBA) could consider adopting a more stringent monetary policy. RBA Governor Michele Bullock has mentioned that if inflation remains persistently higher than their projections, the RBA stands ready to take necessary measures to address the situation.

According to the latest data released on Tuesday, the preliminary figures for Australia's services sector in October, as measured by the S&P Global Australian Services PMI, declined from 51.8 in September to 47.6. Likewise, the Manufacturing PMI saw a slight drop from 48.7 in the previous report to 48.0 this time. Furthermore, the Composite Index, which combines both of these indicators, registered a reading of 47.3, down from 51.5 in the prior report. These numbers indicate the possibility of economic challenges ahead for Australia.

Hence, the reports of a slowdown in Australia's economic indicators, including the Services and Manufacturing PMI, could exert downward pressure on the AUD/USD currency pair.

Impact of Recent Economic Developments on the AUDUSD Currency Pair

It's worth noting that the United States and China recently held their inaugural official meeting on economic matters, known as the Economic Working Group. In this forum, they engage in discussions concerning economic policies and various related issues. The U.S. Treasury Department has stated that the two nations had a productive and substantial conversation regarding the state of their domestic and global economies.

In China, there are reports indicating that they are considering permitting an additional 1 trillion yuan in government borrowing to stimulate their economy. They plan to use this money to invest more in constructing infrastructure such as roads and bridges to jumpstart economic growth. The decision-makers, known as the standing committee of the National People's Congress (NPC), are expected to approve this extra debt on the final day of their meeting.

The US Dollar Index, which gauges the dollar's value in comparison to other currencies, appears to be on a downward trend for the fourth consecutive day. This could be attributed to the recent decline in US Treasury yields, which had previously reached their highest level since 2007. When yields decrease, it can make the US dollar less appealing to investors.

Hence, the positive outcome of economic discussions between the US and China, as well as China's intentions for increased infrastructure spending, may have a positive impact on the AUD/USD pair. Further, the weakening US Dollar Index could further bolster the Australian dollar.

As we approach the close of October 24, the AUD/USD pair offers a compelling narrative for investors and traders. Currently priced at 0.63572, the Australian Dollar has experienced an uplift of 0.33% against the US Dollar over the last 24 hours. The 4-hour (4H) chart, revered by many for its equilibrium between short-term volatility and overarching trend identification, elucidates several pivotal factors.

The heart of our examination revolves around the Pivot Point, stationed at 0.6336. From this fulcrum, the AUD/USD showcases a multi-tiered resistance structure: The immediate resistance awaits at 0.6373, followed closely by 0.6432, and then 0.6470. In the face of downward pressures, support for the pair lies at 0.6274, with subsequent bastions at 0.6236 and 0.6178.

Delving into our technical indicators, the RSI, or Relative Strength Index, registers at 58. Historically, any reading surpassing 70 signifies overbought conditions, while figures below 30 indicate oversold territories. Given the RSI's positioning above 50, we discern a prevailing bullish sentiment.

In the realm of momentum, our MACD metrics are of particular note. The MACD reads 0.0006, juxtaposed against its Signal line at 0.0002. Conventionally, a MACD line breaching above its Signal counterpart heralds positive momentum, and our current setup confirms this upward trajectory.

The 50-Day Exponential Moving Average (EMA) sits at 0.6340. With the AUD/USD pair's price eclipsing this average, it's indicative of a short-term bullish trend.

In terms of chart patterns, while the 4H chart can host a myriad of configurations, no dominant patterns such as Symmetrical Triangles or upward channels are apparent currently. However, the dynamic nature of financial charts necessitates regular monitoring for emergent patterns.

Conclusion:

In summation, the overarching trend for AUD/USD is bullish, especially if it remains anchored above the 0.6336 threshold. In the ensuing trading sessions, given the pair's technical posture, we anticipate AUD/USD to challenge the immediate resistance mark of 0.6373.

Related News

Daily Price Outlook

In the realm of forex trading, the AUD/USD pairing holds significant weight. A key indicator of the economic ties between two major economies, this pair is susceptible to various macroeconomic indicators and geopolitical developments. Today's forecast aims to shed light on its possible trajectory based on available technical data.

The AUD/USD stands at 0.63061, marking a decline of 0.53% in the past 24 hours. Pivot points, essential for day trading, places the pair at 0.6341. Resistance levels unfold at 0.6393, followed by 0.6433, and then 0.6467. On the flip side, immediate support lies at 0.6289, with subsequent levels at 0.6252 and 0.6215 respectively.

The RSI (Relative Strength Index) is at 37, suggesting that the pair is nearing oversold conditions. A dip below 30 might trigger potential buying interest, while its current position under 50 emphasizes bearish sentiments. The MACD line has slid below the signal line, thereby advocating for a bearish momentum in the near term.

The 50 EMA (50-Day Exponential Moving Average) is recorded at 0.6354. The pair’s current position below this mark intensifies the bearish sentiment. Generally, when price sustains below the 50 EMA, it’s an indicator of a short-term downward trend.

The pair's bearish momentum is evident, especially if it remains below the 0.63414 mark. Conversely, crossing this threshold could usher in some bullish momentum. In the immediate future, given the bearish indicators and the current global economic environment, the AUD/USD might edge towards the support at 0.6252.

AUD/USD - Trade Idea

Entry Price – Sell Limit 0.63355

Take Profit – 0.62745

Stop Loss – 0.63687

Risk to Reward – 1: 1.85

Profit & Loss Per Standard Lot = +$610/ -$332

Profit & Loss Per Micro Lot = +$61/ -$33