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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This material is written for educational purposes only. By no means do any of its contents recommend, advocate or urge the buying, selling or holding of any financial instrument whatsoever. Trading and Investing involves high levels of risk. The author expresses personal opinions and will not assume any responsibility whatsoever for the actions of the reader. The author may or may not have positions in Financial Instruments discussed in this newsletter. Future results can be dramatically different from the opinions expressed herein. Past performance does not guarantee future results.
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