AUDUSD: Sellers Flock to Fourteen-Month Resistance

Written by Justin Bennett

|   Last Updated June 30, 2017

·      June 30, 2017

Written by Justin Bennett 

|   Last Updated June 30, 2017


The AUDUSD just retested a level that dates back to April of last year. The trend line that extends from the 2016 high at 0.7834 capped two previous advances, not including the November 2016 selloff.

The weekly chart below illustrates the significance of this trend line.

AUDUSD weekly wedge

This is the same level that triggered the bearish signal on March 21st. In that instance, the pair eventually found support on May 9th but not before losing 420 pips.

Today’s high of 0.7711 put buyers just above the key level on an intraday basis. But as you may well know, the daily (and weekly in this case) close at 5 pm EST is much more telling than any 1-hour or even 4-hour close.

From here I’ll be watching for a bearish signal just below the 0.7700 handle. Key support comes in at 0.7620, 0.7565 and 0.7520.

On the flip side, a daily close above 0.7700 would feed the bullish scenario and expose the February and March highs near 0.7740/50. A break above that would pave the way for a retest of the 2016 high at 0.7834.

I’m going to hold off on making a decision here until next week. That way I’ll have a daily and weekly close to work with and also avoid taking on exposure before the weekend.

Want to see how we are trading this setup? Click here to get lifetime access.

AUDUSD daily resistance


Justin Bennett - founder of Daily Price Action

About the author

Justin Bennett started trading in 2002, and let's just say it was a bumpy ride. But in 2010, he had his "aha" moment once he ditched the indicators and focused 100% on price action. Justin has built a following of 100,000+ monthly readers and taught thousands of traders using his simple, no-nonsense approach. He's been highlighted as a top trader by Stocks and Commodities Magazine and regularly featured by Forex Factory next to publications from Bloomberg and CNBC. ...Read More


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  1. You are doing a great Job Justine…I’m even addicted to your site these days.

    Keep the good work up!!! We really appreciate!!! Your analysis are so informative

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