AUD/USD – 1H – SELLThe combination Australian Dollar/US Dollar (AUD/USD) goes from the bearish trendline downwards
A continuation of the downward movement down to the next support line at 0.63724 is expected.
Caution: A possible counter-trend in the direction of the resistance zone at 0.64712 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Bearish Engulfing’ candlestick pattern is detected. The chart shows ‘Bearish Engulfing’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.65259 |
| 2nd High | 0.65043 |
| Next High | 0.64712 |
| Current Price | 0.63833 |
| Next Low | 0.63724 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/USD – USD – Bearish Engulfing