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AUDUSD – Higher From Long Tailed Pin Bar, But Fading | May 8th
AUDUSD – Higher After Long Tailed Pin Bar Signal, But Fading
The Aussie is still higher after our long tailed pin bar signal we talked about in our weekly market commentary, however, it appears to be fading a bit. Notice the impulsive leg higher after the first corrective pullback. This has been followed with a more impulsive selling leg, suggesting the sellers are getting stronger.
For now, the bull trend is still up, but a failure to regain the 9390 swing highs would suggest another attack on 9315 and 9300. Only a daily close below the latter level changes the short/medium term bullish outlook.
Read our latest article How to Keep the Right Perspective When Trading
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