AUDUSD Trading Analysis

by: Colibri Trader


Dear traders,

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).

Happy Trading,

Colibri Trader


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