Daily Price Action
Shares

AUDUSD Punches Through 0.6830, Targets 0.6750

Shares

Important: This site uses New York Close Forex Charts so that each 24-hour session starts and ends at 5 pm EST. These charts are essential for trading price action.

AUDUSD has played out beautifully for us since my last post on July 24th.

I was anticipating a move lower following the break of ascending channel support near 0.6960.

At the time, the pair was trading near 0.6980.

Fast forward to today, and you can see that AUDUSD has given us a considerable 180 pips of downside in just six trading days.

Furthermore, the pair is now trading below a key level at 0.6830.

This is the June low as well as a level that supported the AUDUSD following Wednesday’s FOMC.

A daily close below this level would keep the bearish momentum intact.

It would also expose my target near 0.6750. That’s the broader channel support I mentioned on the 24th of July.

My only concern here is that we’ve now had ten consecutive losing sessions.

At some point, the pair is going to require some healthy consolidation.

But until then, I favor selling AUDUSD on strength for a move toward the 0.6750 support area.

Want to see how we’re trading AUDUSD? 

Click Here to join us and save 40% – Ends August 31st!

AUDUSD support and resistance

Leave a Comment:

6 comments
Justin Bennett says

Now you can get access to the same professional Forex charts I use!

Get access today: http://bit.ly/2UzPyiR

These charts give you five 24-hour sessions each week. They are essential if you trade from the daily or 4-hour time frames. Anything else can produce false buy and sell signals.

Download the platform here: http://bit.ly/2UzPyiR

Reply
Victor Ojo says

Clean analysis, clean chart and clear interpretations. Kudos mentor. Good job

Reply
Syed Hassan says

Thanking you,Sir !

Reply
    Justin Bennett says

    You’re welcome.

    Reply
Ali says

Thanks alot for so fine analysis.

Reply
Add Your Reply