Daily Price Outlook

    Following the recent data from the Australian Bureau of Statistics, the nation's unemployment rate for July experienced an uptick, settling at 3.7%, a rise from June's 3.5%. This data revealed a growth in the number of unemployed individuals by 36,000. Additionally, the participation rate, representing the percentage of those aged 15 and older either employed or actively seeking employment, witnessed a slight dip of 0.1 percentage points, closing at 66.7%. This macroeconomic development has cast a shadow over the AUD/USD pair.

    Professionally examining the trajectory of the AUD/USD pair, it has adeptly met our anticipated target at 0.6400. Initiating today's trading with a bearish undertone, the pair not only breached the 0.6400 level but also affirmed the dominating bearish trend, hinting at a potential movement towards our forthcoming bearish target set at 0.6310.

    Reinforcing this downtrend, the 50-Day Exponential Moving Average (EMA50) lends its weight behind the envisaged bearish momentum. However, this sentiment will hold its validity contingent upon the pair's ability to maintain its position below the 0.6400 threshold.

    For today's trading landscape, we foresee the pair oscillating within a range, demarcated by the 0.6310 support level and the 0.6420 resistance level.

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

    AUD/USD - Trade Idea

    Entry Price – Sell Below 0.64003

    Take Profit – 0.62815

    Stop Loss – 0.64833

    Risk to Reward – 1: 1.4

    Profit & Loss Per Standard Lot = +$1188/ -$830

    Profit & Loss Per Micro Lot = +$118/ -$83



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