AUDUSD to Extend Rally Next Week Following Breakout

by Justin Bennett  · 

July 24, 2020

by Justin Bennett  · 

July 24, 2020

by Justin Bennett  · 

July 24, 2020


AUDUSD has broken out this week along with its New Zealand counterpart, which I wrote about earlier this week.

Tuesday’s close above 0.7030 marks a significant moment for AUD.

We have to go back to 2019 to find the last time the currency traded above that level.

And a view from the weekly chart shows why 0.7030 is so significant.

AUDUSD weekly time frame

The way AUDUSD recovered so quickly following the March selloff is indicative of the pair’s strength of late.

Last week’s close above 0.7030 is just one more indication that the market wants to head even higher.

You can also see how AUDUSD is testing the 0.7160 resistance area.

It’s going to take a daily close above that to extend gains and open the door to the 0.7320 region.

Alternatively, a rotation back to 0.7030 could produce a buying opportunity.

That said, I’m also interested to see how this week closes, as I mentioned above.

The daily break this week looks good, but a weekly close above 0.7030 would help solidify the breakout.

[thrive_custom_box title=”” style=”dark” type=”color” color=”#fef5c4″ border=”fadf98″]

Want to watch the AUDUSD video I just released in the member’s area?

Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in July!

[/thrive_custom_box]

AUDUSD daily time frame

Continue Learning

13  Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

    1. sir, plz help m check for d nxt confluence support on usdchf and confluence resistance on gold . i need ur fatherly and professional advice to guide my growing skill. i seems to hv entered a wrong mkt

  1. Good analysis Mr Bennett, anything on gbpcad 😜 like you thought us I have been looking at that pair for a while

  2. Hello Mr Bennett can you please assist me on how to join your lifetime mentorship. I really like your analysis and want to be a good trader. Thanks

  3. Hello Mr Bennett can you please assist me on how to join your lifetime mentorship. I really like
    your analysis and want to be a good trader. Thanks. From South Africa

  4. Dear Justin
    AUSUSD is now at resistance of down trend line from 07/2014 and stamping pin bar at the trend line .. is this not a bearish sign ???? Can we wait for this trend line breakout .
    Thanks

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}