Daily Price Action
Shares

AUDUSD: All Eyes on 0.7030

Shares

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.

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 August!

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

Leave a Comment:

7 comments
Justin Bennett says

Want me to help you become a better Forex trader?

Get a Lifetime Membership to Daily Price Action today and receive access to Justin’s full price action course, dozens of forums with over 3,000 members, daily videos of trade ideas, direct access to Justin, and much more!

Save 40% on a lifetime membership in August!

Reply
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

Reply
Steven says

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

Reply
Mizrahi says

good

Reply
ali says

Thanks for the update sir.

Reply
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?

Reply
Add Your Reply