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AUD/USD: Sellers keeping their eyes to get a bearish reversal candle

EagleFX

AUD/USD produced a bearish reversal candle. The price has been in consolidation around a level for the last four trading days. The H1 chart shows that the price made a breakout at yesterday’s lowest low and traded below the level for several hours. It may make a bullish correction. If the level produces a bearish reversal candle, the sellers may find an opportunity to go short in the pair.

Chart 1 AUD/USD H1 Chart




The chart shows that the price made a bearish move and consolidated after having a bounce at 0.69500. It then made a breakout at the level and headed towards the South. As of writing, the price has been bullish in the current candle. If it heads towards the North to make a bullish correction, the sellers may wait for the price to produce a bearish reversal candle at 0.69500. The sellers may go short below the level of 0.69330.

Trade Summary:

Entry: Sell below 0.69330

Stop Loss: Above 0.69500

Take Profit 1: 0.69080

Take Profit 2: 0.69000

Take Profit 3: 0.68825

EagleFX Review

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