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.