AUD/USD – 1H – BUYThe combination Australian Dollar/US Dollar (AUD/USD) goes from the ascending trendline down.
A descent down to the next support at 0.61976 is considered certain.
Caution: A possible trend reversal in the direction of the resistance line at 0.63021 could occur.
Consider stop-loss settings accordingly.
Correction of the major bullish trend halted around the Fibonacci 0.5-Level.Continuation of the current ascending trend is considered certain. Current target is 0.62730012 at the Fibonacci level 0.24-Level. Caution: A possible trend reversal in the direction of the resistance line at 0.63021 could occur.
Consider stop-loss settings accordingly.
There is also a ‘Concealing Baby Swallow’ candle pattern is discovered. The chart forms ‘Concealing Baby Swallow’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Concealing Baby Swallow’ going down is 75% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.63775 |
| 2nd High | 0.63269 |
| Next High | 0.63021 |
| Current Price | 0.62445 |
| Next Low | 0.61976 |
| 2nd Low | 0.61918 |
| 3rd Low | 0.61788 |
Trading Signals: FOREX – AUD – AUD/USD – USD – Concealing Baby Swallow