AUDUSD closed with a bearish engulfing candle on Friday and below 0.7550 support. The pattern looks similar to that of Mid 2014, when price fell approx 1800p from the engulfing weekly candle in 2014. This year’s rally began in Jan 2016 for about 1000 pips. This pair tends to fall hard on weekly engulfing candles from what I see and more so when it’s formed at swing highs. Watch this pair as it may fall 1000 pips to the weekly support @1.68015.

AUDUSD WEEKLY SET-UP

AUDUSD WEEKLY

Source: Maryna

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.