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.

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