AUD/USD Is Turning Bullish Today, but the Trend Is Still Down - Forex News by FX Leaders

AUD/USD Is Turning Bullish Today, but the Trend Is Still Down

Posted Tuesday, March 6, 2018 by
Skerdian Meta • 1 min read

AUD/USD has been on a bearish trend for more than a month. We opened a sell forex signal in this pair nearly two months ago when this pair was climbing higher. At some point, we were about 200 pips down on this signal as AUD/USD climbed above 1.81 in the last few days of January.

In February, the trend shifted to bearish and for more than a month, this pair has seen only one way traffic. It slipped lower for the entire month of February and it stretched some more in the first few days of this month.

Today’s candlestick looks bullish but the trend is still bearish

Yesterday we were more than 200 pips in profit on our signal. But, today this forex pair has turned bullish. North Korea’s comments earlier this morning, improved the market sentiment and the risk currencies such as the AUD, NZD and the CAD got their confidence back.

Today’s candlestick in AUD/USD looks pretty bullish. That’s particularly bullish when it comes after three pin candlesticks. Pins are reversing signals after a downtrend. So, it looks bullish now, but the trend is still down.

The buyers must push this forex pair above the trend line and above the 50 SMA (yellow) if they want to change the trend again. But, that doesn’t look likely, so we are holding on to our sell signal. We#re still more than 100 pips in profit with it.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of