Daily Price Outlook

- AUD/USD trading at $0.66514, down 0.17%

- Pivot point at $0.6640 with immediate resistance at $0.6660 and support at $0.6620

- RSI at 48 and 50 EMA at $0.6655 indicating neutral to cautious market sentiment.

The AUD/USD is currently trading at $0.66514, down 0.17% for the day. On the 4-hour chart, the pivot point is set at $0.6640, providing a crucial level for traders to watch. Immediate resistance is found at $0.6660, followed by higher resistance levels at $0.6675 and $0.6690.

On the downside, immediate support is located at $0.6620, with further support at $0.6606 and $0.6591.

Technical indicators show a mixed outlook. The Relative Strength Index (RSI) stands at 48, indicating neutral momentum. The 50-day Exponential Moving Average (EMA) is positioned at $0.6655, suggesting a potential support level just above the current price.

The market sentiment for AUD/USD appears cautious, with traders awaiting further economic data and market cues. The recent price movement suggests that the pair is struggling to find a clear direction.

A break above the immediate resistance of $0.6660 could signal a short-term bullish trend, while a fall below the immediate support of $0.6620 may lead to further declines.

In conclusion, traders might consider buying AUD/USD above $0.66401 with a take profit at $0.66671 and a stop loss at $0.66227.

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

AUD/USD - Trade Ideas

Entry Price – Buy Above 0.66401

Take Profit – 0.66671

Stop Loss – 0.66227

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$270/ -$174

Profit & Loss Per Mini Lot = +$27/ -$17



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