AUD/USD In a Bullish Correction; Where to Sell?

0
103
AUD/USD In a Bullish Correction; Where to Sell?

The AUD/USD pair has been trading in a very quiet manner after marking a new low on the year at 0.8087. After a week of low volatility, the AUD/USD is poised for a bullish correction.

https://

The 1H chart shows a mini price bottom confirmed. The 4H chart shows that indeed there is a bullish correction forming. It also shows a 0.83 and 0.8370 as possible resistance pivots. 0.8370 is also where the 200-period SMA in the 4H chart resides. The daily chart shows that if price indeed approaches 0.8370, there will be a falling trendline to challenge the bullish correction. So, as price gets back into the 0.83-0.84 area, we should start looking for clues of topping, which can lead to the next round of selling.

Previous Post by Author: GBP/JPY Signals Another Bearish Correction Swing

SHARE
Previous articleGBP/JPY Signals Another Bearish Correction Swing
Next articleUSD/TRY Signals Bullish Continuation with a Range Breakout
Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.