AUD/USD – 1H – BUYThe currency pair Australian Dollar/US Dollar (AUD/USD) breaks through the bearish trendline up.
The bullish trend upwards to the next resistance level at 0.62206 is expected.
Caution: A possible reversal of the trend in the direction of the support level at 0.61918 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Shooting Star’ chart pattern is discovered. The candles show ‘Shooting Star’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Shooting Star’ heading down is 59% (Bull Market) & 60% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.62465 |
| 2nd High | 0.62225 |
| Next High | 0.62206 |
| Current Price | 0.62160 |
| Next Low | 0.61918 |
| 2nd Low | 0.61788 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/USD – USD – Shooting Star