EUR/AUD – 4H – BUYThe combination Euro/Australian Dollar (EUR/AUD) breaks through the descending trendline up.
A bullish movement up to the next resistance at will continue.
Caution: A possible trend reversal in the direction of the support level at 1.63613 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Above the Stomach’ candlestick chart pattern is existing. The chart forms ‘Above the Stomach’. which is a positive pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Above the Stomach’ heading up is 66% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | |
| Current Price | 1.67351 |
| Next Low | 1.63613 |
| 2nd Low | 1.63504 |
| 3rd Low | 1.61583 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Above the Stomach