AUD/USD – 1H – BUYThe currency pair Australian Dollar/US Dollar (AUD/USD) breaks through the descending trendline up.
A bullish ascent upwards to the next resistance level at 0.62650 is considered certain.
Caution: A possible change in the direction of support at 0.62147 is also possible.
Consider stop-loss settings accordingly.
Then a ‘Latter Bottom’ candle chart pattern is discovered. The chart forms ‘Latter Bottom’. this 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 probability of ‘Latter Bottom’ going up is 56% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.63775 |
| 2nd High | 0.63269 |
| Next High | 0.62650 |
| Current Price | 0.62333 |
| Next Low | 0.62147 |
| 2nd Low | 0.61987 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/USD – USD – Latter Bottom