On the AUD/USD currency pair, the bearish sentiment is prevailing for quite a long time. The trading instrument has the potential to further reduce. At the moment, a classic pattern of the Price Action, Bearish Engulfing, (H4 timeframe) was formed. The local support is 0.78200. We recommend paying attention to this formation.
If the price fixes below the support level of 0.78200, you need to look for entry points to the market to open short positions. The closest target for fixing profits is the 0.77850 mark. In the medium term, the AUD/USD quotations may reach the support level of 0.77500. When tracking the position, we recommend using a trailing stop.
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.Open Account