AUDUSD Breaks Resistance, Targets 0.7030

by Justin Bennett  · 

January 9, 2023

by Justin Bennett  · 

January 9, 2023

by Justin Bennett  · 

January 9, 2023

AUDUSD is breaking out today after weeks of consolidating below 0.6880.

A daily close above that level today will offer traders an opportunity to watch for fresh longs, given the uptrend since mid-October.

However, you’ll want to mark an upcoming AUDUSD resistance level on your chart.

It isn’t easy to spot, but the monthly time frame shows why the 0.7030 area is one to watch.

AUDUSD monthly time frame
AUDUSD monthly time frame

Notice how the Australian dollar has treated 0.7030 as a pivot since 2015.

So although AUDUSD may break above the 0.7030 region in the coming weeks, we’ll likely see sellers defend it first.

Keep in mind that resistance is less than 100 pips from the current AUDUSD price.

That means longs will likely need to wait for a retracement to secure a favorable risk-to-reward ratio, perhaps into the 0.6900 area.

I’m short-term bullish on AUDUSD while above 0.6880 on a daily closing basis, but only as far as 0.7030.

I’ll reassess things if we see 0.7030 in the coming days.

AUDUSD daily time frame with 0.6880 to 0.6900 as support and 0.7030 as resistance
AUDUSD daily time frame

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  1. Still waiting for my Daily Price Action Membership as I was a life member before the site went down, now I find I have to pay again if I want to be part of the Daily Price action- something is not OK if you offer lifetime membership and then ask to pay again! Not OK

    1. Hi Luis, I’m not asking anyone to pay again. If you were a member before, you’ll be granted access to the new community at no charge. I’m currently overseeing an entire website redevelopment that’ll launch this week. Once that’s complete, I’ll begin addressing those requests from lifetime members. Cheers.

  2. Awesome! Great to see you active again. Missed your absence! Justin, why don’t you go for premium pricing for your forecast services?

  3. Fantastic analysis Justin! your analysis using monthly and daily makes it very clear, i believe there will be opportunities for both long and short

  4. How come there is no video, just the chart
    I went to Discord video channel and the last one is on USDJPY from 6 January 2023
    I’m a bit confused, having just signed up few days ago, as to where best look for Justin’s latest live trade videos as he takes them

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