Dear traders,

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.

Happy trading,

Colibri Trader

P.S.

Have you read my recent article on Trading Breakouts?

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