AUD/USD Technical Analysis: (READ DESCRIPTION)AUD/USD Technical Analysis: Bullish Momentum Expected Above 0.6660
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.
