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

Daily Price Outlook

- AUD/USD up 0.23%, trading at $0.66661, indicating positive market sentiment.

- Immediate resistance at $0.6690 and $0.6704, with a pivot point at $0.6661.

- RSI at 56 and 50-day EMA at $0.6653 support a bullish outlook.

The AUD/USD pair is currently trading at $0.66661, reflecting a 0.23% increase in the latest session. This upward movement comes amid a generally positive sentiment for the Australian dollar, supported by improved risk appetite and favorable economic indicators.

The 4-hour chart highlights a crucial pivot point at $0.6661, which serves as a key level for determining the pair's short-term direction.

The Relative Strength Index (RSI) is currently at 56, indicating a moderately bullish sentiment without reaching overbought conditions.

This suggests there is room for further gains. The 50-day Exponential Moving Average (EMA) is positioned at $0.6653, providing a supportive level that reinforces the ongoing upward trend.

Immediate resistance levels are identified at $0.6690 and $0.6704, which could pose challenges to further upward movement. Conversely, immediate support is seen at $0.6640, followed by $0.6626.

Given the current technical setup, a buy limit order at $0.66541 is recommended, with a take profit target at $0.66823 and a stop loss at $0.66371.

AUD/USD - Trade Ideas

Entry Price – Buy Limit 0.66541

Take Profit – 0.66823

Stop Loss – 0.66371

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$282/ -$170

Profit & Loss Per Mini Lot = +$28/ -$17