Last time I covered Gold and since then it has gone down and up following two candlestick signals.
Initially, there was a bearish engulfing pattern that ignited the downturn.
When price found a bottom, there was an inside day that got the attention of the buyers and the price has been pushed higher.
There were also fundamentals behind this move and a lot of traders and investors alike were looking for a flight to safety.
Today, I am looking at a currency pair, which I have not covered for some time now.
The AUDUSD itself 🙂
AUDUSD Trading Analysis 22.03.2023
Today, I have noticed a possible shorting opportunity.
Price has come to a minor resistance and has formed a bearish engulfing pattern.
As we’ve seen with gold, this usually leads to sell-offs.
I am currently looking for a possible entry and this should come alongside a 4H confirmation.
I would like to see either an inverted pin bar or another bearish engulfing pattern.
I will not take any action before or if I do not see such a pattern.
Until then, I will be patiently waiting.
Have you read my recent article on Trading Breakouts?