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

Daily Price Outlook

- AUD/USD drops to $0.66716, down 0.08%, highlighting bearish sentiment.

- Pivot point at $0.6675; key resistance at $0.6690, $0.6704, $0.6719.

- RSI at 65; 50 EMA at $0.6630 provides strong support.

The AUD/USD pair is currently trading at $0.66716, showing a slight decline of 0.08%. The 4-hour chart highlights key technical levels that are crucial for traders. The pivot point at $0.6675 is a significant marker for determining the next direction of price movement. Immediate resistance is seen at $0.6690, with further resistance levels at $0.6704 and $0.6719. These resistance points are essential barriers that could cap any potential upward movement.

On the support side, immediate support is located at $0.6654, followed by stronger support levels at $0.6641 and $0.6630. These support levels are vital in preventing further declines in the AUD/USD pair.

Technical Indicators:

The bearish outlook is supported by the current price action, which is below the pivot point of $0.6675. Market sentiment remains cautious, influenced by global economic factors and domestic data releases that impact the Australian dollar.

Conclusion:

For traders looking to capitalize on the current bearish trend, an entry price below $0.66745 is recommended. The take profit level is set at $0.66484, with a stop loss at $0.66897 to manage potential risks.

AUD/USD - Trade Ideas

Entry Price – Sell Below 0.66745

Take Profit – 0.66484

Stop Loss – 0.66897

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$261/ -$152

Profit & Loss Per Mini Lot = +$26/ -$15