AUD/USD – 1H – BUYThe combination Australian Dollar/US Dollar (AUD/USD) breaks through the descending trendline upwards
The bullish trend up to the next resistance at 0.63833 will continue.
Caution: A possible trend reversal in the direction of the support level at 0.63539 could happen.
Consider stop-loss settings accordingly.
Correction of the major bearish trend broke the Fibonacci 0.24-Level.Continuation of the current ascending trend will continue. Current target is 0.640375 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the resistance line at 0.63833 could happen.
Consider stop-loss settings accordingly.
Moreover a ‘Three Outside Up’ candlestick chart pattern is detected. The chart forms ‘Three Outside Up’. which is a positive pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.64712 |
| 2nd High | 0.64291 |
| Next High | 0.63833 |
| Current Price | 0.63758 |
| Next Low | 0.63539 |
| 2nd Low | 0.63363 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/USD – USD – Three Outside Up