Bearish Engulfing on AUD/USD

Bearish Engulfing on AUD/USD

The bearish sentiment has been prevailing on the AUD/USD currency pair for a long time. At the moment, the trading instrument is testing the annual highs. The AUD/USD quotes are tending to decline. Near the local offer zone of 0.72100-0.72400, a classic pattern of "Bearish Engulfing" (D1 timeframe) has been formed, which acts as a continuation of the current trend. Local support is at the level of 0.70850. We recommend paying attention to this situation.

If the price fixes below 0.70850, it is necessary to consider sales of AUD/USD. The immediate goal for fixing profits is the 0.70500 mark. The movement is tending to the round level of 0.70000. Confirmations and entry points should be looked for on lower timeframes. When following positions, one should use a trailing stop.

by JustForex, 2018.09.12

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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