Daily Price Outlook

    On October 12, the AUD/USD pair exhibited a modest uptrend, marking a 0.08% gain to position itself at 0.64205, as captured in the 4-hour timeframe. The pivot point for the currency pair stands decisively at 0.6372.

    In the realm of resistance, the AUD/USD faces an immediate barrier at 0.6457, with subsequent levels at 0.6530 and then at 0.6617. On the downside, the first line of defense is at 0.6296, followed by supports at 0.6212 and further to 0.6138.

    Diving into the technical indicators, the Relative Strength Index (RSI) is currently at 57, signifying a somewhat bullish sentiment without being in the overbought territory. The Moving Average Convergence Divergence (MACD) presents a reading of -0.00008 against its signal line at 0.00135. This suggests a potential for downward momentum, although it's marginal and might require careful observation. Notably, the pair is trading just above its 50-day Exponential Moving Average (EMA) valued at 0.6392, hinting at a short-term bullish trajectory.

    In wrapping up, the AUD/USD portrays a bullish sentiment as long as it remains above the 0.6392 mark. However, given the close proximity of the current price to this threshold and mixed technical signals, traders should exercise caution. The near-term forecast anticipates the pair testing the immediate resistance levels, but market participants would do well to closely monitor global economic events and technical indicators to make informed decisions.

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

    AUD/USD - Trade Idea

    Entry Price – Buy Limit 0.63989

    Take Profit – 0.64784

    Stop Loss – 0.63573

    Risk to Reward – 1: 1.9

    Profit & Loss Per Standard Lot = +$795/ -$416

    Profit & Loss Per Micro Lot = +$79/ -$41



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