Daily Price Action
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AUDUSD Bulls Fight to Keep Rally Alive

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Over the weekend we discussed the bearish pin bar that had formed on the AUDUSD daily chart. Friday’s candlestick pattern left buyers on edge and signaled that a correction this week was likely.

So far, the bearish formation hasnโ€™t disappointed. The pair is down 80 pips from its 0.8054 open on Monday, leaving those who went short just below 0.8065 in the money.

However, the pair is approaching a trend line that could become a factor over the next 24 hours. The ascending level that extends from the June 1st low provided support during the August 31st session which allowed buyers to make a second run at 0.8065.

Similar to the EURUSD chart we discussed a few hours ago, the AUDUSD is having trouble carving higher highs. The pair is also beginning to lean on trend line support in a way that suggests a breakdown is imminent.

For those who are already short based on the Friday pin bar, a daily close (5 pm EST) below this trend line near 0.7960 could offer a chance to add to your position. It could also provide a favorable selling opportunity to those who are still on the sideline.

A daily close below this trend line support would expose the August low at 0.7820. A close below that would pave the way for a move toward 0.7730 and perhaps 0.7635.

Alternatively, a daily close above the 0.8065 handle would negate the bearish outlook and expose last weekโ€™s high of 0.8124.

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AUDUSD trend line

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15 comments
Maniam says

I always losing can’t get profits

Reply
    Justin Bennett says

    Feel free to study the material on this site. There’s a ton of valuable information here, you just need to put it to use.

    Reply
Petrus says

Though I always like your analysis, I want you to share how much winning set ups/ opportunities in a month for price action with daily time frame you had been experiencing so far? How much currency pairs do you trade? What is number for the winning rate, what reward to risk ratio do you take in each trade? I had been trying to be a price action with daily time frame trader but I found it to be very hard because the good opportunity ia rare and the 2:1 reward to risk ratio ia difficult to obtain.

Reply
    Justin Bennett says

    Petrus, I’ve written about all of those topics before. Feel free to search the site.

    As for quality opportunities being rare, that’s the whole point.

    Reply
      nafareanu ovidiu says

      or if you make some live video or simple video on youtube

      Reply
Darius says

Do you know metatrader 4 plugin where I could add pending order which runs when candle closes below or above ?:) I see this would be needed ๐Ÿ™‚

Reply
Roy Peters says

I think price will break the trend line. But we are followers not predictor traders.

Reply
Bongani says

do you think its a good idea to correlate pairs? Trying to makes sense of one pair in comparison with the other since threes pairs that almost share the same movement e.g GBPNZD and EURNZD/ GBPUSD & EURUSD etc

Reply
    Justin Bennett says

    I think it’s a good idea to know about correlations so you don’t double your risk or contradict yourself. But in my opinion, trying to use the movement of one pair to trade another is unnecessary and only serves to complicate matters.

    Here’s a good correlation table you can use: https://www.mataf.net/en/forex/tools/correlation

    Reply
      bongani says

      thanks for the advice the link and the amazing setups

      Reply
EG says

Hi Justin,
can you provide your myfxbook for the trades that you have done successfully before I sign for your course? Just to verify on your trading profit before I sign on?

Thanks.

EG

Reply
    Sam says

    Just monitor his trade calls and you will be convinced how unique his PA method is. Justin has nothing to prove by setting up myfxbook, he is not a fund manager but a man building a community of informed traders. So monitor his trades.

    Reply
Ronnie RT Maronza says

Hi Justin i c de results using yo daily analysis ๐Ÿ‘†๐Ÿพ๐Ÿ‘†๐Ÿพ๐Ÿ”ฅ๐Ÿ”ฅon USDCAD holding de retracemnt since frm around 4 August til nw im profit i really lyk yo daily analysis kip dat way Sir

Reply
Ted says

Hi Sam,
Actually EG has a point. Is not about fund managers to setup up a myfxbook, even personal traders do ๐Ÿ™‚ . Purpose of myfxbook is to verify the trades of traders and it is free to setup.

I have been monitoring Justin trades calls, doesn’t what I have expected on the consistency.
Anyway, everyone has personal opinion of his own, Not here to create trouble but like EG, more for verification before we sacrifice our hard earn money for the training course! ๐Ÿ™‚ All the best guys!

Reply
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