AUDUSD Trading Analysis

@Colibritrader

Dear followers,

Last time I wrote about DAX. Although I managed to get into a long position and make a small profit, I have exited my long trades.

I am quite hesitant at the moment because even though the price is standing just above a demand zone, there was an almost bearish engulfing pattern that formed on Friday.

So far, the price action does not look very bullish, so I would prefer to stay on the sidelines until this hesitance clears out.

AUDUSD Trading Analysis

Today I am looking at the AUDUSD.

I have just noticed that from a very long-term perspective, this pair is standing on a multi-year support/demand zone.

In the screenshot above is the weekly chart of the AUDUSD. There is a pin bar that has formed on the weekly around 0.6800, where the support level is located.

The daily chart is also looking bullish. There is a pin bar there, too and a bullish engulfing pattern.

If this trade turns out as I am expecting it to be, it could qualify for one of the best trades of the year.

Let’s not get too overexcited and see if price action will continue confirming this bias.

I will be looking for next day’s open and looking to go long once (and only if) I have a confirmation from the 4H chart.

Happy Trading,

Colibri Trader 

p.s.

Have you rad my article on using moving averages to follow the trend?