Pivot Point: 0.6660 The pivot at 0.6660 acts as a key support level, determining the near-term direction of the AUD/USD pair. As long as the price holds above this level, a bullish move is anticipated.
Our Preference: Long Positions Recommended Trade: Long positions are preferred as long as the price remains above the 0.6660 pivot point. This suggests a potential rise toward higher resistance levels.
Target Levels for Upside Movement: First Target: 0.6700 This represents an intermediate resistance where traders may look to take profits or assess continuation.
Second Target: 0.6720 If the first resistance is surpassed, further gains toward 0.6720 are likely, indicating stronger bullish momentum.
Alternative Scenario: Downside Risks If the price drops below 0.6660:
Bearish Outlook:
First Target: 0.6650 Second Target: 0.6635 These levels serve as potential support areas in a bearish scenario.
Technical Insights: RSI Indicator: The RSI lacks downward momentum, signaling potential for further upside. This supports the bullish outlook and suggests that selling pressure may be limited.
Moving Averages: AUD/USD trading above its short-term moving averages would further confirm the bullish trend if sustained.
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