Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

AUDUSD Pin Bar Signalling Higher Prices On Daily Chart

(click to enlarge)audusd pin bar reversalClick to enlarge

The AUDUSD price action on the daily chart shows the market is slowly making its way upwards, in a slow grinding upwards trend. Last session the market tried to sell off but the bulls got involved at the mean value and drove prices back higher to close the day higher than it's open.

This is a strong rejection candle and its very likely we will see higher prices develop from this setup. Keep and out for any further retracements back to the mean to grab a tweaked entry price to this bullish momentum. The overhead resistance may be a trouble area here but the bullish pressure here is mostly likely to eventually over come the containment line, which could lead to the next extension upwards of the uptrend.