AUD/USD – 4H – SELLThe pair Australian Dollar/US Dollar (AUD/USD) goes from the ascending trendline down.
A descending movement downwards to the next support level at 0.61987 is considered certain.
Caution: A possible counter-trend in the direction of the resistance level at 0.62742 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bearish Engulfing’ candlestick pattern is detected. The candles show ‘Bearish Engulfing’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.64712 |
| 2nd High | 0.64291 |
| Next High | 0.62742 |
| Current Price | 0.62061 |
| Next Low | 0.61987 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/USD – USD – Bearish Engulfing