AUD/USD – 30M – SELLCorrection of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is certain. Target of the current trend is 0.62128732 at the Fibonacci level 0.24-Level. Caution: A possible reversal of the trend in the direction of the support line at 0.62465 could occur.
Consider stop-loss settings accordingly.
Moreover a ‘Bearish Belt Hold’ chart pattern is detected. The chart shows ‘Bearish Belt Hold’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Belt Hold’ going down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.62646 |
| 2nd High | 0.62539 |
| Next High | 0.62465 |
| Current Price | 0.62210 |
| Next Low | 0.62014 |
| 2nd Low | 0.62002 |
| 3rd Low | 0.61987 |
Trading Signals: FOREX – AUD – AUD/USD – USD – Bearish Belt Hold