Daily Price Action
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AUDUSD: 160-Pip Target Relies on Today’s Closing Price

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AUDUSD bulls are fighting for survival today.

After what appeared to be a close above former channel resistance (new support) at 0.7170 on Friday, the pair held above the level on Monday.

That confirmed my suspicion that AUDUSD had indeed broken free.

However, today’s RBA monetary policy meeting minutes sparked new interest in Australian dollar shorts.

That led to a brisk 25 pip plunge.

But after leveling off overnight here in the states, AUDUSD buyers are once again showing resilience.

The pair has a ways to go before today’s New York 5 pm EST close, but if things stay like this, we could have a bullish inside bar pin bar combo on our hands.

It’s going to come down to the 5 pm EST closing price, though.

Without a daily close back above 0.7165, there is no buying opportunity here.

Now you can get access to the same “New York close” Forex charts I use for trading price action on the higher time frames.

In fact, a sub 0.7165 print at today’s closing bell could trigger renewed selling interest in the pair.

We’ll have to wait and see what AUDUSD wants to do.

The better opportunity here, in my opinion, would be a daily close above 0.7165 to confirm the buy signal.

There’s quite a lot of real estate to work with above current levels.

Even the short-term target for a move higher is 160 pips away at 0.7330.

Alternatively, if the pair slips back inside of this descending channel, we could see AUDUSD retest the 0.7110 support region.

With seven hours to go until today’s close at 5 pm EST, a seat on the sideline isn’t a bad choice.

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AUDUSD potential buy signal on daily time frame

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11 comments
Justin Bennett says

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    Morris Zhou says

    Good analysis

    Reply
Omodara says

Very interesting sir!

Reply
    Justin Bennett says

    Cheers!

    Reply
      Lamhot says

      Thank you, Sir…!!

      Reply
        Justin Bennett says

        You’re welcome.

        Reply
Emuobo says

I’m still not sure what tat inside bar pinbar combo means?

Reply
    Justin Bennett says

    Follow the link in the post. Any text in orange is a link.

    Reply
shoukat ali says

i followed your analysis almost accurate for me. thank you justin

Reply
M.K.Anar Hossain says

Thanks Justine bennett for yor analysi.

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