EUR/AUD – 1H – BUYThe combination Euro/Australian Dollar (EUR/AUD) goes from the descending trendline down.
A continuation of the bearish trend down to the next support line at 1.61689 is considered certain.
Caution: A possible trend reversal in the direction of the resistance level at 1.63070 could be enabled.
Consider stop-loss settings accordingly.
Correction of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is considered certain. Current target is 1.6307 at the Fibonacci level 0-Level. Caution: A possible trend reversal in the direction of the resistance level at 1.63070 could be enabled.
Consider stop-loss settings accordingly.
There is also a ‘Bullish Engulfing’ candlestick chart pattern is existing. The candles show ‘Bullish Engulfing’. which is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.64969 |
| 2nd High | 1.63611 |
| Next High | 1.63070 |
| Current Price | 1.62282 |
| Next Low | 1.61689 |
| 2nd Low | 1.61260 |
| 3rd Low | 1.59661 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bullish Engulfing