Daily Price Outlook

- AUD/USD trades at $0.65962, down 0.04%, with key support at $0.6580.

- Immediate resistance levels at $0.6620, $0.6639, and $0.6671 mark potential upward targets.

- RSI at 32 suggests near-oversold conditions, with 50 EMA at $0.6643 providing resistance.

AUD/USD is currently trading at $0.65962, reflecting a slight decline of 0.04%. The pivot point at $0.6598 is a critical level for gauging the next market direction. Immediate resistance is noted at $0.6620, with further resistance at $0.6639 and $0.6671.

These levels are pivotal as they could signal potential upward movements if the price breaches them. Conversely, immediate support is found at $0.6580, followed by $0.6558 and $0.6543, which could indicate further declines if the price drops below these levels.

Technical indicators show the Relative Strength Index (RSI) at 32, indicating that the currency pair is nearing oversold conditions. The 50-day Exponential Moving Average (EMA) is positioned at $0.6643, suggesting potential resistance if the price attempts a rebound.

Given the current market dynamics, the outlook for AUD/USD remains bearish below the pivot point of $0.6598. The strategy for traders would be to consider selling below $0.66126, with a take profit target at $0.65797 and a stop loss at $0.66330.

This approach capitalizes on the downward momentum while safeguarding against potential rebounds.

The economic backdrop, including weaker commodity prices and domestic economic concerns, continues to weigh on the Australian dollar. Additionally, the stronger US dollar, bolstered by higher yields and positive economic data, adds further pressure on the AUD/USD pair.

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

AUD/USD - Trade Ideas

Entry Price – Sell Below 0.66126

Take Profit – 0.65797

Stop Loss – 0.66330

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$329/ -$204

Profit & Loss Per Mini Lot = +$32/ -$20



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