Bullish Engulfing at AUD/USD

Bullish Engulfing at AUD/USD

Yesterday, the AUD/USD currency pair held the round of 0.77000 level, which caused the bullish sentiment. In the near future, the further growth of quotations is not excluded. Demand for the US dollar weakened after the Fed's meeting. At the moment, the classic pattern of the Price Action, Bullish Engulfing, (D1 timeframe) has been formed, which acts as a reversal formation. The price is testing a "mirror" resistance level of 0.77750. We recommend you to pay attention to this situation.

If the price fixes above the 0.77750 mark, you should consider buying AUD/USD. The immediate goal of fixing profits is 0.78250. In the medium term, the trading instrument may reach 0.79000-0.79750. 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, 2018.03.22

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

Get Free Analytics

* required fields
Last Articles
All Articles
Fundamental and technical analysis
In this article, we will not go deep into the terminology because there are many explanations of what fundamental analysis is, what technical analysis is, and what its pros and cons are.
Read more
What Forex pairs to trade?
Forex is a market, where the currencies are traded. Currencies are traded in pairs, so a Forex pair is a ratio of one currency's value to another.
Read more
Real Estate economic indicators.
There are several important real estate market metrics today. If we are talking about the United States, these are Building permits, Housing Starts, New Home Sales, Existing Home Sales, and Pending Home Sales. These economic metrics are often not highlighted in economic calendars, but they are the most important parameters reflecting the state of the real estate market in the country.
Read more