lmccormick

Nice looking Bullish Outside Bar (BUOB) on AUDUSD

Long
FX:AUDUSD   Australian Dollar / U.S. Dollar
0
This is a chart I'm interested in. The AUDUSD pair has formed a rather convincing Bullish Outside Bar, off the 0.92 support level. Last time it reached this level it formed a nice looking pin bar, possibly suggesting a period of consolidation for this pair. What's more, it's interesting that despite the lower trade volume which takes place on Fridays, the pair still managed to close above the 0.93 level. What's against this trade however is the short term divergence displaying on MACD, suggesting that any consolidation, if any, may be short-lived. I still think there is a good chance this pair could test near the 0.94 level, lets see!




Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.