EUR/AUD – 30M – SELLThe currency pair Euro/Australian Dollar (EUR/AUD) moves from the descending trendline down.
A continuation of the downtrend down to the next support line at 1.62006 is likely expected.
Caution: A possible counter-trend in the direction of the resistance level at 1.62366 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Bearish Engulfing’ candlestick pattern is detected. The chart shows ‘Bearish Engulfing’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.62998 |
| 2nd High | 1.62792 |
| Next High | 1.62366 |
| Current Price | 1.62159 |
| Next Low | 1.62006 |
| 2nd Low | 1.61911 |
| 3rd Low | 1.61829 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing