EUR/AUD – 1H – BUYThe currency pair Euro/Australian Dollar (EUR/AUD) breaks through the descending trendline up.
A bullish trend up to the next resistance level at 1.67010 will persist.
Caution: A possible reversal of the trend in the direction of the support level at 1.66311 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Latter Bottom’ candlestick pattern is detected. The chart shows ‘Latter Bottom’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Latter Bottom’ heading up is 56% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.67087 |
| 2nd High | 1.67049 |
| Next High | 1.67010 |
| Current Price | 1.67060 |
| Next Low | 1.66311 |
| 2nd Low | 1.66197 |
| 3rd Low | 1.65662 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Latter Bottom