Daily Price Outlook

- AUD/USD's upward channel and bullish engulfing candles above $0.6590 indicate a strong uptrend.

- A potential double top breakout at $0.6690 could propel the pair towards the $0.6750 region.

- Sustained trading within the upward channel bolsters the case for further bullish momentum.

The Australian Dollar (AUD/USD) presents a bullish narrative as it rides within an upward channel, signifying a robust buying trend. The currency pair is currently supported by the formation of bullish engulfing candles over the $0.6590 mark, indicating a strong uptrend momentum and suggesting an accumulation phase among traders.

A pivotal moment is on the horizon for AUD/USD, as it approaches the critical $0.6690 level. Should it break above this threshold, it could potentially signal a double top breakout, opening a path towards the $0.6750 level or further resistance levels. Such a breakout would confirm the continuation of the current bullish trend, providing traders with significant optimism regarding the pair's trajectory.

The upward channel's support, coupled with the bullish engulfing pattern, underpins a firm uptrend in AUD/USD. Observing the currency pair's ability to sustain above these levels will be critical for traders monitoring for continuation or potential reversals.

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

AUD/USD - Trade Idea 

Entry Price – Sell Limit 0.67491

Take Profit – 0.66712

Stop Loss – 0.67998

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$779/ -$507

Profit & Loss Per Mini Lot = +$77/ -$50



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