EUR/AUD – 30M – BUYThe currency pair Euro/Australian Dollar (EUR/AUD) breaks through the bearish trendline up.
A bullish trend up to the next resistance at 1.66555 is certain.
Caution: A possible counter-trend in the direction of the support zone at 1.65777 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bullish trend halted around the Fibonacci 0.5-Level.Continuation of the current ascending trend is certain. Current target is 1.66284072 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of the resistance level at 1.66555 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Bullish Engulfing’ candlestick chart pattern is found. The candles form ‘Bullish Engulfing’. this is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.67440 |
| 2nd High | 1.67107 |
| Next High | 1.66555 |
| Current Price | 1.66066 |
| Next Low | 1.65777 |
| 2nd Low | 1.65446 |
| 3rd Low | 1.65407 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bullish Engulfing