AUD/USD Forecast: Engulfing Candlestick Points to 0.73305

by Oct 22, 2021Setups

AUD/USD Forecast

The price of AUD/USD is on the very good level which has several signals pointing the price could find its way down to 0.73305.

Recently the pair had reached 0.74813 level which was a strong resistance. And the price break above, but it seems the breakout was a false one.
The next day it closed below 0.74813 level with a bearish engulfing candle.

AUDUSD forecast_22.10.2021.

The candle formed right on the resistance level and the highest price it reached was close to an uptrend resistance line.

The next resistance at 0.75945 is even stronger resistance, and for the best entry conditions it would be great to see the price reaching the area 0.75580 – 0.75945. That area would give more selling pressure.

With the uptrend resistance, horizontal resistance and bearish engulfing candle we have a Crab harmonic pattern that suggests the price will move down.

So, for the current market status we have a bunch of trading signals the price will move down.

The stop loss for the trade that is available on the chart is above 0.76100 which is above the previous high we had on 24.06.2021.

The first profit target is close to the first support level at 0.74059.

I would pay attention to have a profit target at 0.74258 because that price is more likely to be reached at first.

The second profit target is at 0.73050, but I would put the exit point close to 0.73500 because the price reached that level more easily in the past.

With Risk:Reward ratio of 4,46 this trading opportunity gives a good profitability chance for trading.

Harmonic Patterns Cheat Sheet

All Harmonic Patterns on one place with important tips for trading.

“Disclosure: Some of the links in this post are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. This does not cost you anything extra on the usual cost of the product, and may sometimes cost less as I have some affiliate discounts in place I can offer you”

Harmonic Patterns Cheat Sheet

All Harmonic Patterns on one place with important tips for trading.

Price Action Analysis

With this PDF you will have step by step guide how to analyse harmonic patterns detected by the Harmonics.app scanner

Harmonic Education

Main Trading Guide

1. Harmonic Patterns in Forex
2. Harmonic Scanner
3. Trading Harmonic Patterns
4. Harmonic Pattern Success Rate

0 Comments

Disclaimer: Any Advice or information on this website is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Harmonics.app, it’s employees, directors or fellow members. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, spot Forex, CFD’s, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.

High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in Forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.

Privacy Preference Center