AUD/USD – 1H – BUYThe combination Australian Dollar/US Dollar (AUD/USD) jumps from the bearish trendline down.
A continuation of the downward movement down to the next support at 0.62241 is considered certain.
Caution: A possible change in the direction of the resistance zone at 0.62646 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Matching Low’ candlestick chart pattern is discovered. The chart shows ‘Matching Low’. 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 likelyhood of ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.63269 |
| 2nd High | 0.62742 |
| Next High | 0.62646 |
| Current Price | 0.62334 |
| Next Low | 0.62241 |
| 2nd Low | 0.62184 |
| 3rd Low | 0.62147 |
Trading Signals: FOREX – AUD – AUD/USD – USD – Matching Low