Daily Price Outlook

- Pivot Point at $0.67 critical for bullish momentum.

- Immediate resistance at $0.6710; potential upward target.

- Immediate support at $0.6650; crucial for stabilizing decline.

The AUD/USD pair is trading at $0.66695, reflecting a modest increase of 0.10%. On the 4-hour chart, the pivot point is set at $0.67, a crucial level that could dictate the pair’s next move.

Immediate resistance levels are clustered closely at $0.6710, $0.6730, and $0.6750. These levels suggest potential upward targets if the price manages to break through the pivot point, indicating bullish momentum.

On the downside, immediate support is found at $0.6650, with further support at $0.6625 and $0.6600. These levels are critical for traders to monitor, as they indicate where the price might find stability if it begins to decline.

The Relative Strength Index (RSI) is currently at 60, suggesting a neutral market sentiment, slightly leaning towards the overbought territory. This could imply that the AUD/USD has some room to rise, but traders should be cautious of potential reversals.

The 50-day Exponential Moving Average (EMA) at $0.6700 serves as a significant resistance level. A break above this EMA would reinforce a bullish trend, supporting further gains. The overall technical outlook for AUD/USD remains cautiously optimistic above the pivot point of $0.67.

Given the current indicators, traders might consider an entry price for buying above $0.66585, aiming for a take profit at $0.66763, with a stop loss set at $0.66440. Maintaining a position above the pivot point could sustain the bullish bias, while a drop below this level may trigger a sharper selling trend.

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

AUD/USD - Trade Ideas

Entry Price – Buy Above 0.66585

Take Profit – 0.66763

Stop Loss – 0.66440

Risk to Reward – 1: 1.23

Profit & Loss Per Standard Lot = +$178/ -$145

Profit & Loss Per Mini Lot = +$17/ -$14



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