AUD/USD – 1H – SELLThe currency pair Australian Dollar/US Dollar (AUD/USD) goes from the descending trendline down.
A continuation of the downtrend downwards to the next support level at 0.61918 is expected.
Caution: A possible counter-trend in the direction of the resistance line at 0.62206 could be enabled.
Consider stop-loss settings accordingly.
Besides a ‘Tweezers Top’ chart pattern is found. The chart forms ‘Tweezers Top’. this is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Tweezers Top’ going down is 56% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.62465 |
| 2nd High | 0.62225 |
| Next High | 0.62206 |
| Current Price | 0.62113 |
| Next Low | 0.61918 |
| 2nd Low | 0.61788 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/USD – USD – Tweezers Top