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Aussie Corrective Pullback + Pin Bar Signal – More Downside? May 21st
AUDUSD – Aussie Forms Pin Bar At Pullback Level
After selling off for 10 of the last 12 days, some profit taking / short covering was to be expected and you can see it in the chart below. This corrective pullback had formed two pin bar signals at a key intra-day level. I want to be short, but considering the BOJ policy meeting, and much anticipated Bernanke speak tomorrow, I’d rather wait till after the events, instead of being short and exposed to event risk. I’m also expecting a lot of USD profit taking, along with position paring – thus further supporting the trade idea.
I’ll look for low key reactions off .9840, or a bit higher between .9912 and .9954 to get short and rejoin the trend. Even if the pullback manages to get past this, I suspect it will eventually be sold to re-attack the .9710 yearly lows, and likely a move lower towards .9600.
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