AUD/USD – 1H – BUYThe combination Australian Dollar/US Dollar (AUD/USD) jumps from the ascending trendline down.
The bearish trend down to the next support level at 0.64426 is considered certain.
Caution: A possible change in the direction of the resistance zone at 0.65259 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Bullish Engulfing’ candlestick chart pattern is existing. The candles form ‘Bullish Engulfing’. which is a positive chart scenario. The 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 | 0.65496 |
| 2nd High | 0.65277 |
| Next High | 0.65259 |
| Current Price | 0.64685 |
| Next Low | 0.64426 |
| 2nd Low | 0.64337 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/USD – USD – Bullish Engulfing