Since the beginning of this week, a correction movement was observed on AUD/USD. At the moment, near the local offer area of 0.75600-0.75750, a number of classic patterns of the Price Action, "Bearish Engulfing" (timeframe H1), were formed. These formations indicate a further correction of the AUD/USD quotes.
If the price consolidates below the local support of 0.75250, we recommend looking for entry points to the market to open short positions. The target movement level is 0.74750. When tracking a position, one should use a trailing stop.
We recommend you to have a look at the actual figures of technical analysis.
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.
- Pound is Under Pressure due to Comments of the Head of the Bank of England – 2017.06.21
- The Forecast – 2017.06.21
- Analysis of the Commitments of Traders Reports – 2017.06.20