AUDUSD Trading Analysis
|The USDCAD has slowed down a bit the momentum. It even looks a bit bullish now.
There is a pinbar on the daily chart, which has formed on the minor support level. I would not necessarily go long, but I could have reconsidered shorting if I was not into another possible trading scenario.
AUDUSD Trading Analysis
Today’s trading analysis is coming from AUDUSD. It looks like this pair is ready for a bearish continuation.
Today’s candle is a bullish rejection. Price did certainly reject the resistance area at 0.7650.
The daily candlestick is a pinbar. Together with the resistance area, this gives traders more room for bearish thoughts.
The 4 hour chart is exhibiting bearishness, as well. There is a two candle bearish engulfing pattern.
I would ideally want to see a small retracement in tomorrow’s trading session towards the 0.7620 area.
I will be looking for either a bullish rejection candle or any other candle signalling downtrend continuation.
The support level at 0.7540 looks like a good hypothetical target.
The major support at 0.73500 might be the next target (if price manages to break through the 0.7540 barrier).
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