AUDUSD sold off sharply yesterday after failing at resistance at 0.7733 and a “Bearish Engulfing" pattern has been posted. According to Clive Lambert of FuturesTech, this is a powerful reversal pattern in Candlestick analysis so he thinks it’s time for a short trade.

Lambert is looking to short at 0.7677 with a stop above 0.7700. His targets are 0.7510 and 0.7440, the latter being the mid-September low/bounce.

Clive Lambert features analysis of a selected trade every Friday on Trading Floor.

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