AUD/USD – 1H – SELLThe combination Australian Dollar/US Dollar (AUD/USD) jumps from the ascending trendline downwards
The bearish trend downwards to the next support at 0.62258 will continue.
Caution: A possible change in the direction of the resistance zone at 0.62646 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bearish Engulfing’ candle pattern is discovered. The candles form ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.63269 |
| 2nd High | 0.62742 |
| Next High | 0.62646 |
| Current Price | 0.62260 |
| Next Low | 0.62258 |
| 2nd Low | 0.62241 |
| 3rd Low | 0.62184 |
Trading Signals: FOREX – AUD – AUD/USD – USD – Bearish Engulfing