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
Social Trading: What Is It and How To Make Money Using It
Since the trading migrated online, the traders have been communicating on the online forums and other special services. Some traders teach their less experienced peers how to earn on trading, mitigate related risks, and build their careers in trading. This trend is known as social trading.
Read more
Copy Trading: Important Risks and Advantages to Take into Consideration
Copy trading is one of the popular trading strategies that allows traders to copy in a step-by-step manner the trading moves of other traders, commonly considered to be experienced and successful. Copy trading is a good way to start a trading journey without conducting long time-consuming research of markets and instruments. However, mechanical copying of steps made by other traders has its particular risks and benefits. These risks and advantages, as well as useful tips and rules of copy trading, are gathered for your convenience in this article.
Read more
The Best Time to Trade Stocks In South Africa And A Glimpse Into The World Of Global Stock Exchanges
Trading stock is the first thing that comes to mind when the word 'trading' is uttered. You can keep them for years as a portfolio, building your wealth gradually, or try some risky market gambling for quicker profits. So, if you are interested in this solid and 'aristocratic' kind of assets, read this guide on how to perform stock trading in South Africa and when to do it for maximum effect.
Read more