AUD/USD – 1H – BUYThe pair Australian Dollar/US Dollar (AUD/USD) jumps from the descending trendline down.
A continuation of the downward movement down to the next support at 0.62241 will continue.
Caution: A possible change in the direction of the resistance zone at 0.62646 could happen.
Consider stop-loss settings accordingly.
Moreover a ‘Matching Low’ candlestick chart pattern is existing. The candles form ‘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 likelyhood of ‘Matching Low’ heading 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