Pin Bar on AUD/USD

Pin Bar on AUD/USD

On the AUD/USD currency pair, the bearish sentiment has been prevailing for quite a long time. The quotations have the potential to further decline. On the daily chart near the "mirror" level of resistance 0.76350, a classic pattern of the Price Action "Pin Bar" was formed, which at the moment is a continuation of the current trend. The 0.75600 mark is a local support. We recommend you to pay attention to this situation.

If the price fixes below the 0.75600 mark, it is necessary to consider sales of AUD/USD. The immediate goal of profit taking is a round level of 0.75000. In the medium term, the AUD/USD currency pair may reach the level of 0.74400. 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, 2017.12.06

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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