AUD/USD – 1H – BUYThe combination Australian Dollar/US Dollar (AUD/USD) breaks through the descending trendline upwards
A bullish trend upwards to the next resistance level at 0.62251 is considered certain.
Caution: A possible counter-trend in the direction of the support line at 0.61918 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend broke the Fibonacci 0.5-Level.Continuation of the current ascending trend is considered certain. Current target is 0.62320122 at the Fibonacci level 0.79-Level. Caution: A possible counter-trend in the direction of resistance at 0.62251 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Three White Soldiers’ candle pattern is existing. The candles show ‘Three White Soldiers’. which is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three White Soldiers’ heading up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.62539 |
| 2nd High | 0.62465 |
| Next High | 0.62251 |
| Current Price | 0.62170 |
| Next Low | 0.61918 |
| 2nd Low | 0.61788 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/USD – USD – Three White Soldiers