AUD/USD – 1H – BUYThe combination Australian Dollar/US Dollar (AUD/USD) moves from the descending trendline down.
A continuation of the bearish trend down to the next support level at 0.62241 is considered certain.
Caution: A possible counter-trend in the direction of the resistance line at 0.62646 is within the realm of possibility.
Consider stop-loss settings accordingly.
Next a ‘Matching Low’ candlestick chart pattern is detected. The chart shows ‘Matching Low’. which is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.63269 |
| 2nd High | 0.62742 |
| Next High | 0.62646 |
| Current Price | 0.62334 |
| Next Low | 0.62241 |
| 2nd Low | 0.62184 |
| 3rd Low | 0.62147 |
Trading Signals: FOREX – AUD – AUD/USD – USD – Matching Low