Inside Bar on AUD/USD

Inside Bar on AUD/USD

The AUD/USD currency pair has become stable after a prolonged rally over the past 6 months. At the moment, the Aussie is consolidating. The current technical pattern signals a possible correction. Some classic patterns of Price Action, "Inside Bar", (D1 timeframe), have been formed in the trading instrument. At the moment, AUD/USD quotes are testing local support of 0.7045. We recommend paying attention to this situation.

If the price fixes below 0.7045, a correction of the AUD/USD currency pair is expected. The nearest goal for profit-taking is 0.6920-0.6780. In the medium term, the trading instrument may reach the level of 0.6560. Confirmations and entry points to the market should be looked for on lower timeframes. When following positions, we recommend using a trailing stop.

by Justforex 2020.10.19

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
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
OPEC+ meeting
The Organization of Petroleum Exporting Countries (OPEC) is an international organization composed of oil exporting countries whose main purpose is to control production quotas for raw materials to ensure price stabilization in international oil markets.
Read more