Bearish Engulfing on AUD/USD

Bearish Engulfing on AUD/USD

The Price Action method indicates a possible correction of the AUD/USD currency pair after a significant rally in the past two months. At the moment, the classic pattern of Bearish Engulfing (H4 timeframe) has been formed near the key offer zone of 0.81000-0.81300, which acts as a reversal formation. The AUD/USD quotes are testing the local support level of 0.80100. We recommend you to pay attention to this situation.

If the price fixes below 0.80100, the correction of the AUD/USD currency pair is expected. The closest target for fixing profit is the support level of 0.79500. In the medium term, the trading instrument may reach the level of 0.79000-0.78750. When following the positions, we recommend using a trailing stop. Confirmations and entry points to the market should be looked for on lower timeframes.

by JustForex, 2018.02.01

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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