AUD/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Bearish Sentiment: AUD/USD trades below $0.66097, with pivot point resistance at $0.66544.
- Oversold Signal: RSI at 28 hints at short-term rebound potential, but caution prevails.
- Critical Support: Immediate support at $0.65498; stronger support at $0.65092 if downtrend continues.
The Australian Dollar (AUD/USD) has seen a pullback, currently trading at $0.65649, marking a 0.27% decline. This downward momentum places the pair below key support and moving averages, indicating a bearish outlook in the short term.
Immediate resistance is found at $0.66097, and breaking above this could trigger a mild recovery, potentially guiding prices toward the next resistance levels at $0.66895 and $0.67227.
The pivot point rests at $0.66544, offering a significant threshold that traders will monitor closely. AUD/USD remains below its 50-day EMA, positioned at $0.66527, underscoring the continued bearish pressure.
The Relative Strength Index (RSI) is low at 28, signaling oversold conditions, which may lead to some short-term buying interest. However, the broader trend suggests caution until the pair crosses above the immediate resistance levels.
On the downside, if selling pressure intensifies, the pair could test support at $0.65498, followed by deeper support at $0.65092 and $0.64730. Traders looking to enter long positions might find buying opportunities above $0.65499, with a potential take-profit target near $0.66097 and a stop-loss set at $0.65088 to manage downside risk.
While oversold conditions suggest a possible bounce, the AUD/USD pair’s position below the pivot and 50-day EMA warrants a cautious approach. A decisive move above $0.66097 is necessary to alleviate some bearish sentiment and signal a potential recovery.
AUD/USD - Trade Ideas
Entry Price – Buy Above 0.65499
Take Profit – 0.66097
Stop Loss – 0.65088
Risk to Reward – 1: 1.4
Profit & Loss Per Standard Lot = +$598/ -$411
Profit & Loss Per Mini Lot = +$59/ -$41
AUD/USD Price Analysis – Oct 29, 2024
Daily Price Outlook
During the European trading session, the AUD/USD currency pair continued its bearish trend, dropping to around 0.6575. This decline is largely driven by renewed buying interest in the US Dollar (USD), supported by expectations of a less aggressive approach from the Federal Reserve regarding policy easing.
On the other hand, there’s growing speculation about a possible interest rate cut by the Reserve Bank of Australia (RBA).
This speculation is partly due to anticipated consumer inflation data for Australia, set to be released on Wednesday. Analysts expect the annual inflation rate for the September quarter to drop to 2.9%, the lowest since March 2021.
These factors are putting pressure on the Australian Dollar (AUD), contributing to the selling tone surrounding the AUD/USD pair.
Moving ahead, investors seem cautious ahead of important US economic reports this week, including the Advance Q3 GDP, the Personal Consumption Expenditures (PCE) Price Index, and the Nonfarm Payrolls (NFP) report.
US Dollar Gains Momentum on Fed Expectations and Deficit Concerns
On the US front, the recent buying of the US Dollar (USD) is supported by expectations that the Federal Reserve (Fed) will take a less aggressive approach to policy easing.
However, the recent macroeconomic data suggests that the US economy is performing well, leading to increased market confidence that the Fed may implement smaller interest rate cuts throughout the year. This optimism is helping to strengthen the US dollar.
Moreover, the increasing concerns over spending plans proposed by Vice President Kamala Harris and Republican nominee Donald Trump are raising worries about a larger budget deficit.
This has contributed to higher US Treasury bond yields, which further supports the US Dollar. These factors are putting downward pressure on the AUD/USD pair, dragging it lower as traders respond to the stronger USD and ongoing economic developments.
Australian Dollar Faces Pressure Amid Inflation Expectations and Economic Developments
On the AUD front, there are growing expectations that Australia’s consumer inflation rate will come in at 2.9% for the September quarter, the lowest it has been since March 2021.
This has led to speculation about a possible interest rate cut by the Reserve Bank of Australia (RBA), which is putting additional pressure on the Australian Dollar (AUD) and dragging down the AUD/USD pair.
On the positive side, the AUD is getting some support from news that China plans to approve the issuance of over ¥10 trillion in extra debt to boost its economy, potentially starting as soon as next week.
Traders are now keeping an eye on upcoming US economic data, including the Consumer Confidence Index and the Job Openings and Labor Turnover Survey (JOLTS), which will influence market sentiment.
AUD/USD – Technical Analysis
The Australian Dollar (AUD/USD) has seen a pullback, currently trading at $0.65649, marking a 0.27% decline. This downward momentum places the pair below key support and moving averages, indicating a bearish outlook in the short term.
Immediate resistance is found at $0.66097, and breaking above this could trigger a mild recovery, potentially guiding prices toward the next resistance levels at $0.66895 and $0.67227.
The pivot point rests at $0.66544, offering a significant threshold that traders will monitor closely. AUD/USD remains below its 50-day EMA, positioned at $0.66527, underscoring the continued bearish pressure.
The Relative Strength Index (RSI) is low at 28, signaling oversold conditions, which may lead to some short-term buying interest. However, the broader trend suggests caution until the pair crosses above the immediate resistance levels.
On the downside, if selling pressure intensifies, the pair could test support at $0.65498, followed by deeper support at $0.65092 and $0.64730. Traders looking to enter long positions might find buying opportunities above $0.65499, with a potential take-profit target near $0.66097 and a stop-loss set at $0.65088 to manage downside risk.
While oversold conditions suggest a possible bounce, the AUD/USD pair’s position below the pivot and 50-day EMA warrants a cautious approach. A decisive move above $0.66097 is necessary to alleviate some bearish sentiment and signal a potential recovery.
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AUD/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- AUD/USD is trading below the 50 EMA, signaling resistance at $0.66622.
- The immediate pivot point is at $0.66509, with key resistance at $0.66682.
- Consider a sell limit at $0.66548 with a take profit at $0.66294.
The AUD/USD pair is trading at $0.66459, marking a 0.19% gain in today's session. The price hovers just below the pivot point at $0.66509, with immediate resistance at $0.66682. Should the pair break above this level, further resistance can be found at $0.66895 and $0.67071. However, if AUD/USD fails to hold its current position, immediate support lies at $0.66302, followed by deeper support levels at $0.66135 and $0.65993.
The technical indicators suggest a cautious outlook. The 50-day Exponential Moving Average (EMA) is at $0.66622, indicating that the pair is slightly below this key technical level, which could cap further upside momentum. Traders will be closely watching to see if the pair can break above the EMA or if downward pressure resumes.
Given the current price action, a sell limit order at $0.66548 might offer an opportunity, with a take-profit target of $0.66294. A stop-loss at $0.66722 would help manage potential risks should the pair break above key resistance levels.
Conclusion: AUD/USD remains below its 50 EMA, with resistance at $0.66682 posing a challenge. A sell limit order at $0.66548 with a target of $0.66294 could capitalize on short-term bearish momentum, though traders should watch for any break above $0.66722 for potential upside risks.
AUD/USD - Trade Ideas
Entry Price – Sell Limit 0.66548
Take Profit – 0.66294
Stop Loss – 0.66722
Risk to Reward – 1: 1.4
Profit & Loss Per Standard Lot = +$254/ -$174
Profit & Loss Per Mini Lot = +$25/ -$17
AUD/USD Price Analysis – Oct 24, 2024
Daily Price Outlook
During the European trading session, the AUD/USD currency pair continued its upward trend, remaining well bid around 0.6656 and reaching an intraday high of 0.6662. However, this upward trend was driven by a modest decline in the US Dollar (USD), which lost its traction in the wake of weaker US Treasury bond yields.
Moreover, the risk-on performance in equity markets has prompted profit-taking on the safe-haven USD, benefiting the risk-sensitive Australian Dollar (AUD). However, a combination of factors is likely to limit any significant decline in the USD, capping the potential gains for the AUD/USD pair.
US Dollar Index Retreats as Bond Yields Correct, Impacting AUD/USD Pair
On the US front, the broad-based US Dollar has retreated from a nearly three-month high and faced mild decline on Thursday. This decline is linked to a correction in US Treasury bond yields as well as stable performance in equity markets has led to profit-taking on the safe-haven USD, which benefits the risk-sensitive Australian Dollar (AUD).
Meanwhile, the market participants have fully priced out the chances of a more aggressive policy easing by the Federal Reserve, as recent US economic data indicates that the economy remains strong.
However, the concerns about increased deficits from spending plans by Vice President Kamala Harris and Republican nominee Donald Trump are expected to support US bond yields and revive demand for the USD.
Looking ahead, traders are eager for the release of the flash US PMI figures for October. Meanwhile, US bond yields and overall risk sentiment will influence USD price movements, creating potential short-term trading opportunities for the AUD/USD pair.
AUD/USD – Technical Analysis
The AUD/USD pair is trading at $0.66459, marking a 0.19% gain in today's session. The price hovers just below the pivot point at $0.66509, with immediate resistance at $0.66682. Should the pair break above this level, further resistance can be found at $0.66895 and $0.67071. However, if AUD/USD fails to hold its current position, immediate support lies at $0.66302, followed by deeper support levels at $0.66135 and $0.65993.
The technical indicators suggest a cautious outlook. The 50-day Exponential Moving Average (EMA) is at $0.66622, indicating that the pair is slightly below this key technical level, which could cap further upside momentum. Traders will be closely watching to see if the pair can break above the EMA or if downward pressure resumes.
Given the current price action, a sell limit order at $0.66548 might offer an opportunity, with a take-profit target of $0.66294. A stop-loss at $0.66722 would help manage potential risks should the pair break above key resistance levels.
Conclusion: AUD/USD remains below its 50 EMA, with resistance at $0.66682 posing a challenge. A sell limit order at $0.66548 with a target of $0.66294 could capitalize on short-term bearish momentum, though traders should watch for any break above $0.66722 for potential upside risks.
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AUD/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- AUD/USD is trading around key pivot at $0.66985 with neutral momentum.
- The 50 EMA at $0.66883 acts as dynamic support, keeping the pair in balance.
- RSI at 52 indicates indecision, with potential for shifts in momentum either way.
The Australian dollar is showing a modest uptick against the U.S. dollar, with the AUD/USD pair currently trading at $0.66875, up 0.44% on the day. On the 4-hour chart, the pair remains near key pivot levels, indicating potential for both upside and downside movement depending on upcoming economic data and market sentiment. The immediate pivot point stands at $0.66985, with the pair's direction largely dictated by price action around this level.
Immediate resistance lies at $0.67233, and if breached, could lead to further upside with targets at $0.67454 and $0.67688. On the flip side, should bearish momentum take over, the price could slip toward immediate support at $0.66687, followed by $0.66512 and $0.66302. The 50-day Exponential Moving Average (EMA), which is currently positioned at $0.66883, serves as a dynamic support level and will play a critical role in determining near-term direction.
The Relative Strength Index (RSI) is currently at 52, indicating neutral momentum, suggesting that neither buyers nor sellers have a strong grip on the market at present. With the RSI hovering around the mid-point, traders should watch for potential shifts in sentiment based on global risk factors and U.S. dollar dynamics.
In conclusion, the current price action suggests a possible short-term bearish bias if the price slips below $0.66982. A sell entry below this level with a target of $0.66681 and a stop-loss at $0.67158 may provide favorable risk-reward opportunities. However, upside potential remains viable if resistance levels are tested.
AUD/USD - Trade Ideas
Entry Price – Sell Below 0.66982
Take Profit – 0.66681
Stop Loss – 0.67158
Risk to Reward – 1: 1.7
Profit & Loss Per Standard Lot = +$301/ -$262
Profit & Loss Per Mini Lot = +$41/ -$26
USD/CAD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- USD/CAD hovers near the pivot point at $1.38441, with key resistance at $1.38623.
- RSI at 58 indicates moderate bullish momentum, but watch for a potential reversal.
- 50 EMA at $1.37976 provides dynamic support, reinforcing the $1.37911 level.
The USD/CAD pair is trading near $1.38294, slightly down by 0.02% on the 4-hour chart. Currently, the pair remains below the pivot point at $1.38441, showing a neutral-to-bearish bias in the short term. Despite the minor decline, the pair is holding above key support levels, which could provide a bounce, though resistance areas will need to be tested for further upside momentum.
Immediate resistance is positioned at $1.38623, followed by $1.38821 and $1.39030. A successful break above these resistance levels could signal renewed bullish momentum. However, failure to breach these areas may result in further consolidation or a deeper pullback.
On the downside, immediate support is at $1.38120, with subsequent support levels at $1.37911 and $1.37691. The 50-day Exponential Moving Average (EMA), located at $1.37976, is acting as a dynamic support level and will be a critical indicator for traders to watch. A move below this EMA could lead to additional downside pressure.
The Relative Strength Index (RSI) is currently at 58, indicating that there is still room for upward movement, though momentum remains moderate.
In conclusion, the technical picture for USD/CAD remains mixed, with critical support and resistance levels providing the next directional cues.
USD/CAD - Trade Ideas
Entry Price – Sell Below 1.38365
Take Profit – 1.30148
Stop Loss – 1.30821
Risk to Reward – 1: 1.5
Profit & Loss Per Standard Lot = +$411/ -$262
Profit & Loss Per Mini Lot = +$41/ -$26
AUD/USD Price Analysis – Oct 22, 2024
Daily Price Outlook
During the European trading session, the AUD/USD currency pair maintained its upward momentum, gaining positive traction around the 0.6687 level and reaching an intra-day high of 0.6694.
This upward movement can be attributed to the hawkish outlook from the Reserve Bank of Australia (RBA), driven by strong employment data from Australia. Additionally, China's recent rate cuts provided further support for the AUD, as China is Australia’s largest trading partner.
However, the pair gains could be limited amid sharp rise in US Treasury yields, which surged over 2% on Monday due to signs of robust economic activity and concerns about a potential resurgence of inflation in the United States.
Traders are now anticipating the upcoming Purchasing Managers Index (PMI) reports from both the US and Australia, set for release on Thursday. These reports could offer further insights into the economic outlooks and influence future monetary policy decisions.
Positive RBA Outlook and Strong Employment Data Support AUD/USD, But Future Rate Cut Expectations May Limit Gains
On the AUD front, the Australian Dollar received support from a positive outlook on the Reserve Bank of Australia’s (RBA) policy, fueled by strong employment data. China's recent interest rate cuts also benefited the AUD, as China is Australia’s largest trading partner.
RBA Deputy Governor Andrew Hauser, speaking at the CBA 2024 Global Markets Conference, highlighted the surprisingly strong employment growth and noted that while the RBA closely watches data, it remains flexible and not overly focused on short-term changes.
On the data front, Australia’s job market showed impressive gains in September, with employment rising by 64.1K, much higher than the expected 25K increase. This pushed total employment to a record 14.52 million.
Meanwhile, the unemployment rate held steady at 4.1%, below the forecasted 4.2%. In response to these developments, the National Australia Bank revised its outlook for RBA rate cuts, now predicting the first reduction in February 2025, instead of May, with rates expected to drop gradually to 3.10% by early 2026.
Therefore, the strong employment data and positive RBA outlook boosted the AUD/USD pair, but future rate cut expectations could limit gains as market focus shifts to long-term monetary easing by the RBA.
US Dollar Strengthens on Strong Economic Data and Reduced Fed Rate Cut Expectations, Pressuring AUD/USD Pair
On the US front, the US Dollar gained strength as recent economic data reduced the chances of a large interest rate cut by the Federal Reserve (Fed) in November. The CME FedWatch Tool now indicates an 89.1% likelihood of a 25-basis-point rate cut, with no expectation of a bigger 50-basis-point cut.
US Treasury bond yields also reflect this sentiment, with 2-year yields at 4.02% and 10-year yields at 4.19%. Federal Reserve officials, including Minneapolis President Neel Kashkari, have noted that while the Fed will eventually ease rates, the process will likely be gradual, not aggressive.
On the data front, US economic indicators showed strength. Retail sales increased by 0.4% month-over-month in September, better than both the previous month's 0.1% rise and market expectations of a 0.3% gain.
Additionally, Initial Jobless Claims fell by 19,000 in the week ending October 11, the largest drop in three months, with total claims at 241,000, much lower than the expected 260,000. These figures suggest a healthy labor market, further supporting the Fed’s cautious approach to cutting interest rates gradually.
Therefore, the strong US economic data and reduced chances of aggressive Fed rate cuts boosted the US Dollar, putting downward pressure on the AUD/USD pair as the USD gained strength against the Aussie Dollar.
AUD/USD – Technical Analysis
The Australian dollar is showing a modest uptick against the U.S. dollar, with the AUD/USD pair currently trading at $0.66875, up 0.44% on the day. On the 4-hour chart, the pair remains near key pivot levels, indicating potential for both upside and downside movement depending on upcoming economic data and market sentiment.
The immediate pivot point stands at $0.66985, with the pair's direction largely dictated by price action around this level.
Immediate resistance lies at $0.67233, and if breached, could lead to further upside with targets at $0.67454 and $0.67688. On the flip side, should bearish momentum take over, the price could slip toward immediate support at $0.66687, followed by $0.66512 and $0.66302.
The 50-day Exponential Moving Average (EMA), which is currently positioned at $0.66883, serves as a dynamic support level and will play a critical role in determining near-term direction.
The Relative Strength Index (RSI) is currently at 52, indicating neutral momentum, suggesting that neither buyers nor sellers have a strong grip on the market at present. With the RSI hovering around the mid-point, traders should watch for potential shifts in sentiment based on global risk factors and U.S. dollar dynamics.
In conclusion, the current price action suggests a possible short-term bearish bias if the price slips below $0.66982. A sell entry below this level with a target of $0.66681 and a stop-loss at $0.67158 may provide favorable risk-reward opportunities. However, upside potential remains viable if resistance levels are tested.
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AUD/USD Price Analysis – Oct 17, 2024
Daily Price Outlook
The AUD/USD currency pair reversed its three-day bearish streak, climbing to an intra-day high of 0.6711. This upward movement followed the release of a robust Australian employment report on Thursday, which revealed a seasonally adjusted Employment Change of 64.1K in September. This figure significantly exceeded market expectations of a 25.0K increase and brought total employment in Australia to a record 14.52 million, following a revised rise of 42.6K in the previous month.
Meanwhile, the US dollar gained strength from solid labor and inflation data, which has tempered expectations for aggressive easing by the Federal Reserve (Fed). Consequently, the bullish outlook for the USD may limit further gains for the AUD/USD pair.
Australian Dollar Strengthens on Employment Report Amid Weak Consumer Confidence
On the AUD front, the Australian Dollar (AUD) ended its three-day losing streak against the US Dollar (USD) after a strong employment report was released. In September, Australia saw a surge of 64.1K in seasonally adjusted Employment Change, bringing total employment to a record 14.52 million. This was well above the market expectation of a 25.0K increase and followed a revised gain of 42.6K in the previous month. The unemployment rate held steady at 4.1%, which was better than the anticipated 4.2%.
Despite these positive employment figures, consumer confidence in Australia showed little improvement. The ANZ-Roy Morgan Consumer Confidence index remained unchanged at 83.4 this week, continuing a trend of being below 85.0 for 89 consecutive weeks. Although this week’s reading was slightly higher than the 2024 weekly average of 82.1, overall consumer sentiment remains weak.
Looking ahead, the Commonwealth Bank of Australia predicts a 25 basis point rate cut by the Reserve Bank of Australia (RBA) by the end of 2024. This expectation hinges on a stronger disinflationary trend than the RBA currently anticipates. Meanwhile, in China, the Consumer Price Index (CPI) remained unchanged at 0% in September, and the Producer Price Index (PPI) dropped by 2.8% year-on-year, both indicating economic pressures that could influence Australia's economic outlook.
Impact of US Economic Strength on AUD/USD Dynamics
On the US front, the US dollar gained strength from solid labor and inflation data, reducing expectations for aggressive interest rate cuts by the Federal Reserve (Fed). According to the CME FedWatch Tool, there is now a 92.1% chance of a 25-basis-point rate cut in November, but markets do not expect a larger 50-basis-point reduction. This sentiment reflects a cautious approach to monetary policy.
On Tuesday, Raphael Bostic, the President of the Federal Reserve Bank of Atlanta, shared his view that he anticipates only one more interest rate cut of 25 basis points this year. He mentioned that during last month’s central bank meeting, the median forecast indicated a potential for 50 basis points of cuts in addition to the 50 basis points already implemented in September. Bostic's projection aligns with a more measured approach to adjusting rates.
In addition to this, Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, reassured markets by emphasizing the Fed's data-driven strategy. He noted the strength of the US economy and the ongoing easing of inflationary pressures, despite a recent slight increase in the overall unemployment rate. This perspective supports a stable outlook for the dollar as the Fed evaluates future policy moves.
Therefore, the strengthening USD, driven by solid labor data and tempered rate cut expectations, may limit gains for the AUD/USD pair. As the Fed adopts a cautious monetary stance, the Australian Dollar could face downward pressure against the stronger US Dollar.
AUD/USD – Technical Analysis
The AUD/USD pair is trading at $0.66843, up 0.35% for the day, as it hovers below the key pivot point of $0.6704. The immediate resistance at $0.6732 is crucial; a break above this level could lead to further gains toward the next resistance levels of $0.6758 and $0.6781. However, with the price currently below the 50-day Exponential Moving Average (EMA) at $0.6711, there is potential for bearish momentum to reassert itself.
On the downside, immediate support lies at $0.6662, with further support levels at $0.6639 and $0.6617. The RSI is currently at 45, indicating a neutral market sentiment but leaning toward bearish territory as it remains below the midpoint. This suggests that further downward pressure could build if the pair fails to break above the pivot point.
Traders should be cautious of the 50-day EMA as it represents a critical barrier for any bullish attempts. A move below the immediate support at $0.6662 could trigger selling pressure, potentially driving the price toward $0.6639. The pivot point at $0.6704 will be a key indicator for future direction, with selling opportunities emerging below this level.
Given the current technical setup, a short position could be considered if the price remains below $0.6704. Traders could target $0.66603 for profit, while placing a stop-loss at $0.67256 to manage risk in case of a bullish breakout.
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AUD/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- AUD/USD faces key resistance at $0.6732, with potential gains if it breaks higher.
- The 50-day EMA at $0.6711 serves as a critical level, suggesting a bearish bias.
- RSI at 45 indicates neutral sentiment, with a slight lean toward further downside.
The AUD/USD pair is trading at $0.66843, up 0.35% for the day, as it hovers below the key pivot point of $0.6704. The immediate resistance at $0.6732 is crucial; a break above this level could lead to further gains toward the next resistance levels of $0.6758 and $0.6781.
However, with the price currently below the 50-day Exponential Moving Average (EMA) at $0.6711, there is potential for bearish momentum to reassert itself.
On the downside, immediate support lies at $0.6662, with further support levels at $0.6639 and $0.6617. The RSI is currently at 45, indicating a neutral market sentiment but leaning toward bearish territory as it remains below the midpoint.
This suggests that further downward pressure could build if the pair fails to break above the pivot point.
Traders should be cautious of the 50-day EMA as it represents a critical barrier for any bullish attempts. A move below the immediate support at $0.6662 could trigger selling pressure, potentially driving the price toward $0.6639.
The pivot point at $0.6704 will be a key indicator for future direction, with selling opportunities emerging below this level.
Given the current technical setup, a short position could be considered if the price remains below $0.6704. Traders could target $0.66603 for profit, while placing a stop-loss at $0.67256 to manage risk in case of a bullish breakout.
AUD/USD - Trade Ideas
Entry Price – Sell Below 0.67036
Take Profit – 0.66603
Stop Loss – 0.67256
Risk to Reward – 1: 1.9
Profit & Loss Per Standard Lot = +$433/ -$220
Profit & Loss Per Mini Lot = +$43/ -$22
AUD/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Immediate resistance at $0.67576, with potential upside capped at $0.67810 if bullish momentum strengthens.
- Immediate support is at $0.67025, with downside risk toward $0.66828 if selling pressure intensifies.
- RSI at 41 indicates bearish momentum, with further declines likely if the pair fails to hold above support levels.
AUD/USD is currently trading at $0.67130, down 0.19%, as the pair experiences selling pressure following its failure to break key resistance levels. The pivot point stands at $0.67304, with immediate resistance at $0.67576. A move above this could push the pair towards the next resistance levels at $0.67810 and $0.68105. However, current market sentiment appears bearish, suggesting that any rally may struggle to gain traction.
On the downside, immediate support is seen at $0.67025, with deeper support at $0.66828 and $0.66615. If AUD/USD breaks below these levels, it could signal further downside movement. The 50-day EMA at $0.67292 is trending just above current prices, indicating potential resistance on the path to recovery.
The RSI currently sits at 41, suggesting that the pair is in bearish territory. Momentum is skewed to the downside, indicating increased selling pressure. A break below the pivot point at $0.67304 may confirm further declines, with bears likely to target support at $0.66828.
Given the bearish technical signals, traders may consider short positions below $0.67304, with a take-profit target of $0.66908 and a stop-loss at $0.67522.
AUD/USD - Trade Ideas
Entry Price – Sell Below 0.67304
Take Profit – 0.66908
Stop Loss – 0.67522
Risk to Reward – 1: 1.8
Profit & Loss Per Standard Lot = +$396/ -$218
Profit & Loss Per Mini Lot = +$39/ -$21