AUD/USD – 4H – SELLThe pair Australian Dollar/US Dollar (AUD/USD) jumps from the descending trendline downwards
A continuation of the downward movement downwards to the next support line at 0.61788 will persist.
Caution: A possible reversal of the trend in the direction of the resistance zone at 0.63021 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Bearish Engulfing’ candle chart pattern is detected. The chart shows ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.64712 |
| 2nd High | 0.64291 |
| Next High | 0.63021 |
| Current Price | 0.62026 |
| Next Low | 0.61788 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/USD – USD – Bearish Engulfing