EUR/AUD – 1H – BUYThe combination Euro/Australian Dollar (EUR/AUD) jumps from the ascending trendline downwards
A descent down to the next support level at 1.65803 is likely expected.
Caution: A possible counter-trend in the direction of the resistance level at should always be considered.
Consider stop-loss settings accordingly.
Also there is a ‘Matching Low’ candle chart pattern is detected. The chart forms ‘Matching Low’. which is a positive pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | |
| Current Price | 1.66722 |
| Next Low | 1.65803 |
| 2nd Low | 1.64748 |
| 3rd Low | 1.63613 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Matching Low