AUD/USD – 1H – BUYThe pair Australian Dollar/US Dollar (AUD/USD) breaks through the bearish trendline up.
The bullish trend upwards to the next resistance at 0.65277 will continue.
Caution: A possible counter-trend in the direction of the support level at 0.64882 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Bullish Engulfing’ chart pattern is existing. The chart shows ‘Bullish Engulfing’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.65815 |
| 2nd High | 0.65496 |
| Next High | 0.65277 |
| Current Price | 0.65016 |
| Next Low | 0.64882 |
| 2nd Low | 0.64769 |
| 3rd Low | 0.64474 |
Trading Signals: FOREX – AUD – AUD/USD – USD – Bullish Engulfing