AUD/USD – 30M – BUYThe combination Australian Dollar/US Dollar (AUD/USD) breaks through the bearish trendline up.
A bullish movement upwards to the next resistance at 0.63775 is considered certain.
Caution: A possible reversal of the trend in the direction of the support level at 0.63363 is within the realm of possibility.
Consider stop-loss settings accordingly.
Correction of the major bearish trend broke the Fibonacci 0.24-Level.Continuation of the current ascending trend is considered certain. Current target is 0.640375 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of the resistance level at 0.63775 is within the realm of possibility.
Consider stop-loss settings accordingly.
Additionally a ‘Bearish SBS White Lines’ chart pattern is detected. The chart forms ‘Bearish SBS White Lines’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish SBS White Lines’ going down is 56% (Bull Market) & 57% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.64712 |
| 2nd High | 0.63890 |
| Next High | 0.63775 |
| Current Price | 0.63723 |
| Next Low | 0.63363 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/USD – USD – Bearish SBS White Lines