2ndSkiesForex
Short

Large Bearish Engulfing Bar & Likely ST Top in AUD

FX:AUDUSD   Australian Dollar/U.S. Dollar
425 8 7
After an impressive two-legged run, the AUDUSD             is forming a daily bearish engulfing bar, and has already printed one on the 4hr charts which you can see above. The false break above the key level at 9627 and subsequent break back below suggests likely topping and profit taking. Also the negative news out of China overpowered the better than expected #s out of Australia. Thus, likely a combination of heavy profit taking, plus new sellers in early London/Europe coming into the market on the bearish Chinese news.

I'm suspecting short term the pair will remain bearish , so will look to sell any corrective pullbacks towards the resistance zone between 9675 and 9703
Ryan Tyler
3 years ago
Very Good Analysis. Worked as planned. Getting closer to the target.
Reply
2ndSkiesForex Ryan Tyler
3 years ago
Thanks mate. Indeed its working as planned as the pullback rejection was suspected as the best entry. If 9606 can hold the upside, then I suspect more downside for today.
Reply
Lester
3 years ago
Absolutely fantastic analysis.
Reply
2ndSkiesForex Lester
3 years ago
Thanks Lester - glad you liked it
Reply
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