EUR/AUD – 4H – SELLThe combination Euro/Australian Dollar (EUR/AUD) goes from the ascending trendline down.
The bearish trend down to the next support line at 1.63613 will continue.
Caution: A possible trend reversal in the direction of the resistance line at 1.68016 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Last Engulfing Bottom:’ candlestick chart pattern is detected. The candles form ‘Last Engulfing Bottom:’. which is a negative pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Last Engulfing Bottom:’ heading down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.68016 |
| Current Price | 1.67391 |
| Next Low | 1.63613 |
| 2nd Low | 1.63504 |
| 3rd Low | 1.61583 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Last Engulfing Bottom: