Outside Bar on AUD/USD

Outside Bar on AUD/USD

The AUD/USD currency pair is being traded in a continuous flat. The current technical pattern signals a possible correction of Aussie. In a trading instrument, the classic Price Action pattern of Outside Bar (H4 timeframe), which currently acts as a reversal formation, has been formed. At the moment, the Australian dollar is testing local resistance of 0.67550. We recommend paying attention to this situation.

If the price fixes above the level of 0.67550, it is necessary to buy AUD/USD. The closest target for profit taking is 0.68000-0.68200. In the medium term, the trading instrument may reach 0.68650-0.69200. Confirmations and entry points to the market should be looked for on lower timeframes. When following positions, we recommend using a trailing stop.

by JustMarkets, 2019.08.29

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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