AUDUSD Price Action: Next Leg Up?

by Justin Bennett  · 

May 13, 2014

by Justin Bennett  · 

May 13, 2014

by Justin Bennett  · 

May 13, 2014

Another quiet day for the AUDUSD, still coming off the pin bar from May 2nd. Today’s price action formed a doji. The doji is typically a neutral Forex candlestick pattern. However because we’re in an uptrend and price tested recent lows today, yet closed higher is a bullish sign for me.

audusd daily price action chart

AUDUSD 1 hour chart. This is the level to watch at the moment…

audusd price action chart

I featured the EURNZD earlier today as price was nearing the 1.584 level. I stand by what I said in that post – that I wouldn’t be surprised to see a breach of this support level in the coming days.

eurnzd daily price action chart

The GBPUSD is currently resting on near-term support at the 1.682 level. There’s no price action signal, but this will be an interesting level to watch.

Levels like this are fun to watch for price action trading strategies such as the pin bar. As always, we have to be patient and let the market show its hand.

gbpusd daily chart at support level

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