EUR/AUD – 30M – BUYThe currency pair Euro/Australian Dollar (EUR/AUD) breaks through the descending trendline up.
The bullish trend up to the next resistance at 1.65928 is expected.
Caution: A possible trend reversal in the direction of the support zone at 1.65460 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Three Outside Up’ candlestick pattern is existing. The chart forms ‘Three Outside Up’. this is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.67107 |
| 2nd High | 1.65939 |
| Next High | 1.65928 |
| Current Price | 1.65876 |
| Next Low | 1.65460 |
| 2nd Low | 1.65222 |
| 3rd Low | 1.65080 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Three Outside Up