AUD/USD – 1H – SELLThe combination Australian Dollar/US Dollar (AUD/USD) goes from the bullish trendline downwards
A descent downwards to the next support line at 0.61976 is certain.
Caution: A possible trend reversal in the direction of the resistance level at 0.62251 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is certain. Current target is 0.621265 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the support line at 0.62251 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Bearish Engulfing’ candlestick pattern is discovered. The candles show ‘Bearish Engulfing’. this is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.62539 |
| 2nd High | 0.62465 |
| Next High | 0.62251 |
| Current Price | 0.62225 |
| Next Low | 0.61976 |
| 2nd Low | 0.61918 |
| 3rd Low | 0.61788 |
Trading Signals: FOREX – AUD – AUD/USD – USD – Bearish Engulfing