EUR/AUD – 30M – BUYThe pair Euro/Australian Dollar (EUR/AUD) jumps from the bullish trendline up.
A continuation of the uptrend up to the next resistance at 1.67008 is expected.
Caution: A possible reversal of the trend in the direction of the support level at 1.66386 could happen.
Consider stop-loss settings accordingly.
And also a ‘Bullish Engulfing’ candlestick pattern is discovered. The candles form ‘Bullish Engulfing’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.67087 |
| 2nd High | 1.67049 |
| Next High | 1.67008 |
| Current Price | 1.66682 |
| Next Low | 1.66386 |
| 2nd Low | 1.66197 |
| 3rd Low | 1.66040 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bullish Engulfing