EUR/AUD – 30M – BUYThe currency pair Euro/Australian Dollar (EUR/AUD) goes from the descending trendline downwards
A continuation of the downward movement down to the next support level at 1.62251 is likely expected.
Caution: A possible trend reversal in the direction of the resistance line at 1.62743 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Bullish Engulfing’ candlestick pattern is found. The candles form ‘Bullish Engulfing’. which is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.63611 |
| 2nd High | 1.63070 |
| Next High | 1.62743 |
| Current Price | 1.62293 |
| Next Low | 1.62251 |
| 2nd Low | 1.61689 |
| 3rd Low | 1.61260 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bullish Engulfing