AUDUSD technical analysis | 8th may

AUDUSD pair testing 61.8% retracement level | 8th May 2017

Posted on Posted in Technical Analysis

AUDUSD technical analysis: Testing 61.8% retracement level | 8th May 2017

First critical Resistance: 0.7520

Second critical Resistance: 0.7451

First critical Support: 0.7380

Second Critical Support: 0.7390

Overall Sentiment: Bullish Δ

The AUDUSD pair sharply dropped in the global market after hitting the long term bearish trend line resistance level at 0.7746.We took short entry at 0.7720 level and closed our trade at 0.74650.Currently, the pair is testing the critical support level at 0.7380 which is the 61.8 % Fibonacci retracement level. We have taken aggressive long entry by using bullish pin bar price action confirmation signal. If you are new in price action trading course then feel free to visit our forex price action trading course section.

AUDUSD technical analysis | 8th may

AUDUSD daily technical analysis (Live trade in place)

Though we have entered aggressively in long trade in the AUDUSD pair but the bearish momentum of this pair is decent enough to breach this critical support level. But due to extreme risk-reward ratio trading, this key support level seems logical. But a clear decisive break of the tail of the pin bar will indicate resumption of the long term bearish trend in the market.

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