Bearish Engulfing on AUD/USD

Bearish Engulfing on AUD/USD

On the AUD/USD currency pair, the bearish sentiment has been prevailing for quite a long time. The Price Action patterns indicate a further drop in quotes. At the moment, the classic pattern of Bearish Engulfing (D1 timeframe) was formed near the local offer zone of 0.77100-0.77500. The nearest support is the level of 0.76400. We recommend you to pay attention to this situation.

If the price fixes below the 0.76400 mark, it is necessary to consider sales of AUD/USD. The closest target for fixing the profit is the level of 0.75750. The movement is tending to the round level of 0.75000. When tracking the position, we recommend using a trailing stop. Confirmations and entry points to the market should be looked for on the lower timeframes.

by JustForex, 2017.11.06

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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