AUD/USD – 30M – SELLThe currency pair Australian Dollar/US Dollar (AUD/USD) jumps from the bullish trendline down.
The bearish trend downwards to the next support line at 0.61890 will persist.
Caution: A possible counter-trend in the direction of the resistance line at 0.62040 should always be considered.
Consider stop-loss settings accordingly.
Next a ‘Bearish Engulfing’ candle pattern is found. The chart forms ‘Bearish Engulfing’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.62358 |
| 2nd High | 0.62191 |
| Next High | 0.62040 |
| Current Price | 0.61958 |
| Next Low | 0.61890 |
| 2nd Low | 0.61716 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/USD – USD – Bearish Engulfing