EUR/AUD – 1H – BUYThe pair Euro/Australian Dollar (EUR/AUD) jumps from the bearish trendline down.
A continuation of the downtrend downwards to the next support line at 1.61957 will persist.
Caution: A possible change in the direction of the resistance line at 1.63924 is also possible.
Consider stop-loss settings accordingly.
Also there is a ‘Above the Stomach’ candlestick pattern is detected. The chart shows ‘Above the Stomach’. which is a positive signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Above the Stomach’ heading up is 66% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.65429 |
| 2nd High | 1.64969 |
| Next High | 1.63924 |
| Current Price | 1.63442 |
| Next Low | 1.61957 |
| 2nd Low | 1.61685 |
| 3rd Low | 1.61583 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Above the Stomach