AUD/USD – 1H – BUYThe combination Australian Dollar/US Dollar (AUD/USD) jumps from the descending trendline downwards
A continuation of the downward movement downwards to the next support level at 0.62241 will persist.
Caution: A possible change in the direction of resistance at 0.62646 should be noted.
Consider stop-loss settings accordingly.
Also there is a ‘Matching Low’ candle pattern is discovered. The chart forms ‘Matching Low’. which is a positive chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Matching Low’ heading 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