AUD/USD – 30M – SELLThe combination Australian Dollar/US Dollar (AUD/USD) goes from the bearish trendline downwards
A continuation of the downtrend downwards to the next support level at 0.62258 is likely expected.
Caution: A possible reversal of the trend in the direction of resistance at 0.62411 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Bearish Engulfing’ candle chart pattern is discovered. The candles form ‘Bearish Engulfing’. this is a bearish signal. The 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 | 0.62522 |
| 2nd High | 0.62483 |
| Next High | 0.62411 |
| Current Price | 0.62334 |
| Next Low | 0.62258 |
| 2nd Low | 0.62241 |
| 3rd Low | 0.62184 |
Trading Signals: FOREX – AUD – AUD/USD – USD – Bearish Engulfing