EUR/AUD – 4H – BUYThe combination Euro/Australian Dollar (EUR/AUD) breaks through the descending trendline up.
A bullish movement up to the next resistance level at 1.67087 is considered certain.
Caution: A possible reversal of the trend in the direction of the support level at 1.63613 could occur.
Consider stop-loss settings accordingly.
Furthermore a ‘Three Outside Up’ candlestick chart pattern is detected. The chart forms ‘Three Outside Up’. this is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.67149 |
| Next High | 1.67087 |
| Current Price | 1.67302 |
| Next Low | 1.63613 |
| 2nd Low | 1.63504 |
| 3rd Low | 1.61583 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Three Outside Up