Daily Price Action

AUDUSD Reclaims Confluence of Support at 0.6750


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.

Today’s price action is shaping up to be an impressive recovery from AUDUSD bulls.

Although we still have one hour left in today’s session, buyers have reclaimed the 0.6750 area on a 4-hour closing basis.

This 0.6750 region was our target following the July 25th breakdown.

As you can see, 0.6750 is the location of descending channel support as well as a horizontal level that supported the pair earlier this year.

Today’s recovery is why I don’t sell downside breaks of descending levels.

Even if AUDUSD had closed today below 0.6750, I wouldn’t want to entertain a short given the descending nature of this channel.

If we do see the pair close back above 0.6750 today, however, I will begin watching for a break above today’s high at 0.6782.

I’m going to require more from AUDUSD bulls than I otherwise would given the longer-term downtrend here.

I don’t want to buy into that without some form of confirmation.

A break above Wednesday’s high would be the first higher high since AUDUSD started its descent on July 19th.

It would also expose that 0.6830 resistance area I mentioned on the 6th.

But until we see buyers carve a higher high, I’ll remain on the sideline.

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AUDUSD recovery above support

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martin dixon says

crisp and clear, I love this….

    Justin Bennett says

    Cheers, Martin.

Ali says

Thanks for very fine analysis.

    Justin Bennett says

    You’re very welcome.

Okenyi Collins says

Justin I love the way you analysis market. Please I want you to be my mentor in forex trading. Thank you

Simba says

Thanks for your clear price action analysis,it’s really easy to understand,I really wish you to be my mentor for trading daily charts.

    Justin Bennett says

    See the link I shared with Okenyi.

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