Daily Price Outlook

- AUD/USD trading at $0.66072, down 0.10%

- Pivot point at $0.6647 with immediate resistance at the same level

- Entry price for buying above $0.66014, with take profit at $0.66469 and stop loss at $0.65713

The AUD/USD pair is trading at $0.66072, down 0.10% in the latest session. The 4-hour chart highlights a pivot point at $0.6647, which serves as a critical level for traders.

Immediate resistance is found at the pivot point, followed by subsequent resistance levels at $0.6691 and $0.6727. On the downside, immediate support is observed at $0.6559, with further support at $0.6517 and $0.6467.

The technical indicators provide additional context for the current market conditions. The Relative Strength Index (RSI) is at 53, indicating a slightly bullish sentiment but not yet in overbought territory.

The 50-day Exponential Moving Average (EMA) is positioned at $0.6596, acting as a dynamic support level slightly below the current price, which can provide a buffer against further declines.

Based on the technical setup, the strategy suggests an entry price for buying above $0.66014, with a take-profit target at $0.66469 and a stop loss at $0.65713.

This approach takes into account the potential for upward movement while managing risk effectively with the stop loss placed just below the recent support level.

A break above the pivot point at $0.6647 could indicate further bullish momentum, propelling prices towards the next resistance levels of $0.6691 and $0.6727. Conversely, if the price falls below immediate support at $0.6559, the next support levels at $0.6517 and $0.6467 will be crucial to watch for potential stabilization.

Overall, the outlook for AUD/USD remains cautiously optimistic above the entry price of $0.66014.

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

AUD/USD - Trade Ideas

Entry Price – Buy Above 0.66014

Take Profit – 0.66469

Stop Loss – 0.65713

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$455/ -$301

Profit & Loss Per Mini Lot = +$45/ -$30



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