Near the key offer area of 0.74750-0.75000, a classic formation of the Price Action – Bearish Engulfing (H4 timeframe) – was formed. This pattern signals the development of the bearish sentiment. The AUD/USD quotations test 50 MA and 200 MA, which act as a strong dynamic resistance.
If the price fixes below the 0.74400 mark, we recommend considering selling. The immediate goal for profit fixing is the round level of 0.74000. In the medium term, the currency may reach the support level of 0.73500. Confirmations and entry points to the market are better to look on smaller timeframes.
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.Open Account