Pin Bar and Bearish Engulfing on AUD/USD

Pin Bar and Bearish Engulfing on AUD/USD

On the AUD/USD currency pair, the bullish sentiment is prevailing for quite a long time. Nevertheless, a technical correction is not ruled out in the near future. Near the local offer zone of 0.79650-0.79750 a number of classic patterns of Price Action, Pin Bar and Bearish Engulfing, were formed, which act as reversal formations. The nearest support is at the level of 0.79450. We recommend you to pay attention to this situation.

If the price fixes below the 0.79450 mark, it is necessary to consider sales of AUD/USD. The immediate goal of profit taking is a round level of 0.79000. In the medium term, the AUD/USD currency pair may reach the level of 0.78600. When tracking the position, we recommend using a trailing stop.

by JustForex, 2018.01.16

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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