The AUDUSD has fired off a bearish engulfing bar (BEEB) on the price action daily chart. The trend on the daily chart has been higher of late and this BEEB is against this trend, however this BEEB is large and engulfing the previous two candles. Price had been roaring higher with this up-trend in recent times and moved into a key resistance zone on the daily chart where price formed this BEEB rejecting the resistance.
If price can break the low of the BEEB and make a move lower, it may move lower and into the next near term support level which comes in around 0.9225. If price can’t move lower and it continues with the strong up-trend and on higher, the next resistance price will have to break to continue on higher is 0.9670 and then 0.9760.
AUDUSD Daily Price Action Chart
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