AUDUSD Ready to Pullback?

If you watched the last Forex forecast video, you know how significant 0.7015 is for the AUDUSD.

Or at least you know my view on that area.

It isn’t all that clear from the daily time frame, but the weekly has caught a bid at 0.7015, starting with the October 2018 low.

Here’s the AUDUSD segment of the December 28th forecast:

The last session of 2019 reached a high of 0.7031 before moving lower and closing the day at 0.7016.

It’s pretty clear that the 0.7015 resistance area is winning the battle so far.

While you could look to sell the AUDUSD up here, a better option might be to watch for longs from 0.6930 support.

Notice how 0.6930 served as support last July.

That area later capped every advance by the AUDUSD between October 31st and December 24th of last year.

I also think a pullback would be healthy for the pair.

Since the Australian dollar broke out on December 11th and started its rally on the 19th, we haven’t seen much consolidation.

A pullback to value would help reset things by attracting a new set of buyers to help push the pair even higher.

So for now, I’m anticipating a pullback into 0.6930.

Bullish price action from there, such as a pin bar, could trigger a move higher back into 0.7015.

Just keep in mind that we could see the AUDUSD move even lower than 0.6930, which is a scenario I just shared in today’s members-only video.

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