AUDUSD Technical Analysis – Pin Bar

Technical Analysis

A pin-bar has formed on the daily chart around the support zone of 0.7804. Pin bars are often accurate when they form around support and resistance zones.

AUDUSD Daily

Therefore, the pair is very much likely to make a move towards the resistance zone as shown in the chart. The target area is around 0.8053. We prefer long positions especially if the pair can move above the high of the daily bullish pin bar. Unless exhaustive candles form around the resistance zone, the long positions can be held for long-term.

Related posts

Leave a Comment