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AUDUSD Trading Analysis

Posted on Dec 5th, 2017

by colibritrader

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

p.s.

Don’t forget to check out my 1,000 USD Live Account Giveaway

Check out my article on 10 Trading Mistakes

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