AUD/USD – 1H – SELLCorrection of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend will persist. Target of the current trend is 0.62044 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of the support zone at 0.62539 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Three Inside Down’ candle chart pattern is existing. The candles form ‘Three Inside Down’. which is a negative pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Inside Down’ heading down is 60% (Bull Market) & 63% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.62742 |
| 2nd High | 0.62646 |
| Next High | 0.62539 |
| Current Price | 0.62102 |
| Next Low | 0.62044 |
| 2nd Low | 0.61987 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/USD – USD – Three Inside Down