Daily Price Action

AUDUSD: All Eyes on 0.7030


On July 24th, I discussed the importance of 0.7030.

The area was a key battleground between buyers and sellers during the second half of 2018 and the first half of 2019.

However, AUDUSD remained below 0.7030 since April 2019.

AUDUSD breakout on the weekly time frame
AUDUSD weekly time frame

That is until two weeks ago.

The July 21st close confirmed the breakout above 0.7030 and opened the door to the 0.7180 resistance area.

It looked like buyers were going to break through 0.7180 last week but failed to follow through on Friday.

So far this week, sellers are in control.

But as long as 0.7030 is intact as new support, the downside potential for AUDUSD will remain limited.

At the same time, I wouldn’t want to buy the Australian dollar here, given that the pair is trading in the middle of a range.

The more favorable opportunity, in my opinion, would materialize with a retest of 0.7030 as new support.

That doesn’t mean 0.7030 will hold, though.

It will depend on how AUDUSD reacts to the new support area if tested this week.

Any bullish price action from 0.7030, such as a pin bar, could present a buying opportunity for a rotation higher toward 0.7180.

Above that, we have 0.7320 and 0.7480.

On the other hand, a daily close below 0.7030 would indicate weakness and expose 0.6930.

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AUDUSD support and resistance levels on the daily chart
AUDUSD daily time frame

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Justin Bennett says

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Hany Gabr says

i don not know i think AUD/ USD will go lower to .68050 or even .6645 if the USA china war go worse

Steven says

On a different note: I was wondering if you closed your eurusd long at 1.1700 today.

Mizrahi says


ali says

Thanks for the update sir.

Sosy says

Hi Justin, I got refunded £8.99 back into my account today. This money was taken out off my account on 31st of July 2020 as party of my subscriptions to your tube channel. Are stopping your YouTube Channel?

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