AUD/USD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- AUD/USD Price: $0.66191, unchanged, with immediate support at $0.66091 and resistance at $0.66531.

- RSI: 33, nearing oversold conditions, indicating potential for a short-term bounce.

- 50-day EMA: $0.66634, reinforcing bearish outlook as the price remains below this resistance level.

The AUD/USD is currently trading at $0.66191, unchanged on the day. The 4-hour chart highlights a pivot point at $0.66340. Immediate resistance levels are identified at $0.66531, $0.66822, and $0.67110, while immediate support levels are $0.66091, $0.65856, and $0.65589.

The Relative Strength Index (RSI) is at 33, indicating the pair is nearing oversold territory. This suggests potential for a short-term bounce, yet the broader trend remains bearish. The 50-day Exponential Moving Average (EMA) at $0.66634 acts as a significant resistance level, reinforcing the bearish outlook as long as the price remains below this mark.

Technically, the AUD/USD shows a weak bias as it hovers around the pivot point. The recommendation is to enter a sell position below $0.66336, targeting a take-profit level of $0.65970 with a stop loss at $0.66585. This setup leverages the potential continuation of the bearish trend while managing risk effectively.

Despite the neutral price movement today, the overall sentiment remains bearish given the proximity to the 50-day EMA and the current RSI level. If the AUD/USD breaks below the immediate support at $0.66091, further declines towards $0.65856 and $0.65589 are likely. Conversely, a move above the pivot point of $0.66340 could test the resistance levels at $0.66531 and $0.66822.

AUD/USD - Trade Ideas

Entry Price – Sell Below 0.66336

Take Profit – 0.65970

Stop Loss – 0.66585

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$389/ -$249

Profit & Loss Per Mini Lot = +$36/ -$24