Daily Trade Ideas

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

By LonghornFX Technical Analysis
Jul 3, 20231 min
Audusd

Daily Price Outlook

  • AUDUSD pair tests and consolidates below the significant resistance level of 0.6665.
  • Technical indicators demonstrate clear negativity, suggesting a potential bearish continuation.
  • The expected trading range for today is between the support level of 0.6570 and the resistance level of 0.6670.

The AUDUSD pair has tested the important resistance level at 0.6665 and is currently consolidating below it, initiating a decline at today's open.

The technical indicators are displaying clear negativity, indicating a potential resumption of the bearish movement with the next target set at 0.6545.

In light of these observations, we maintain our bearish outlook for the intraday timeframe. It is important to note that a breakthrough above 0.6665 would halt the anticipated decline and potentially trigger a recovery, leading the price to reestablish the main bullish trend.

AUD/USD Price Chart – Source: Tradingview

AUD/USD - Trade Idea

Entry Price – Buy Above 0.6637

Take Profit – 0.6720

Stop Loss – 0.6586

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$824/ -$511

Profit & Loss Per Micro Lot = +$82/ -$51

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AUD/USD

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