EUR/AUD – 30M – SELLThe pair Euro/Australian Dollar (EUR/AUD) moves from the ascending trendline downwards
A descending movement down to the next support level at 1.65118 is expected.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.65767 is within the realm of possibility.
Consider stop-loss settings accordingly.
Moreover a ‘Bearish Engulfing’ candle chart pattern is found. The chart forms ‘Bearish Engulfing’. this is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.65998 |
| 2nd High | 1.65839 |
| Next High | 1.65767 |
| Current Price | 1.65549 |
| Next Low | 1.65118 |
| 2nd Low | 1.64864 |
| 3rd Low | 1.64843 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing