Bearish Engulfing on AUD/USD

Bearish Engulfing on AUD/USD

This week, the AUD/USD currency pair kept a local resistance of 0.79900, which caused a downward trend. The technical pattern indicates the continuation of the "bearish" sentiment. Near the "mirror" level of resistance 0.79200, a classic pattern of the Price Action "Bearish Engulfing" (H1 timeframe) was formed. We recommend you to pay attention to this situation.

If the AUD/USD quotes overcome the local support of 0.78700, you need to look for entry points to the market to open short positions. The target movement level is 0.78250. In the medium term, the currency may reach the level of 0.77500. When tracking a position, one should use a trailing stop.

by JustForex, 2017.08.31

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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