Daily Price Action

AUDUSD Rally Extended; 0.7320 Next?


Last Friday, I discussed how AUDUSD was likely to extend its rally this week, given the close above 0.7030.

That’s a significant horizontal level for the pair.

AUDUSD weekly breakout
AUDUSD weekly time frame

Notice how 0.7030 has served as a pivot for AUDUSD since October 2018.

Last week’s close above 0.7030 was the first since April of last year.

However, as you can see, we never did get a retest of that area as new support.

Buyers decided to take on the 0.7160 resistance area first.

As I wrote last week, a daily close above 0.7160 would expose 0.7320.

That said, I would put that level closer to 0.7180 just to be sure.

That’s the level buyers need to break, in my opinion.

If they do, we could see AUDUSD surge to 0.7320 and perhaps 0.7480.

A close below 0.7030 is the only thing that would negate my bullish outlook.

Until then, I favor buying dips into support and bullish breakouts from consolidation.

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!

AUDUSD support and resistance
AUDUSD daily time frame

Leave a Comment:

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 July!

Martin Njeru says

Hello Master same view i will be looking opportunity to buy this pairs AUDUSD-Pin Bar. AUDJPY -Fakey or False breakout ie Inside bar plus pin bar and also NZDUSD and AUDHKD i will be waiting for false move in ASIAN session then go long , Note they can form inside combo pattern but the main goal is to go higher and higher

Michael Afolabi says

You have being a great help and mentor in my forex trading. There has being an improvement in my trading. I am, heading towards profitable trading.

Noam says

£. Nz$ 800 points. !!!!more advise?

ali says

Thanks sir justin.

Hamza says

Now, 0.7180 area can break in next week? Should close trade or wait for target?

Add Your Reply