Daily Price Outlook

    The AUD/USD pair made a valiant attempt to break through the 0.6550 level but encountered robust support, leading to a momentary wavering just above it. Meanwhile, the Stochastic indicator has climbed to overbought levels, fueling speculation of a potential return to negative trading and a possible breach of the aforementioned support, which could then open the path towards 0.6400 as the next significant target.

    As the battle between bulls and bears unfolds, the dominant outlook points towards a continued downward trend in the intraday and short-term levels. However, if the 0.6550 level manages to hold firm against negative pressure, it could effectively halt the bearish scenario and propel the price higher, introducing a twist to the narrative.

    Market participants are bracing themselves for today's trading, anticipating a range between the support level of 0.6500 and the resistance level of 0.6600. The tension rises as we eagerly await the outcome of this exciting market dynamic!

    AUD/USD Price Chart – Source: Tradingview
    AUD/USD Price Chart – Source: Tradingview

    AUD/USD - Trade Idea

    Entry Price – Sell Limit 0.65990

    Take Profit – 0.65148

    Stop Loss – 0.66831

    Risk to Reward – 1: 2

    Profit & Loss Per Standard Lot = +$842/ -$841

    Profit & Loss Per Micro Lot = +$84/ -$84



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