EUR/AUD – 1H – BUYThe currency pair Euro/Australian Dollar (EUR/AUD) breaks through the ascending trendline up.
A continuation of the uptrend up to the next resistance at 1.67149 will persist.
Caution: A possible reversal of the trend in the direction of support at 1.65662 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Above the Stomach’ candlestick chart pattern is existing. The chart forms ‘Above the Stomach’. which is a positive pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Above the Stomach’ heading up is 66% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.67149 |
| Current Price | 1.66970 |
| Next Low | 1.65662 |
| 2nd Low | 1.64748 |
| 3rd Low | 1.63613 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Above the Stomach