AUD/USD – 30M – BUYThe combination Australian Dollar/US Dollar (AUD/USD) breaks through the descending trendline up.
A bullish movement upwards to the next resistance at 0.62056 is likely expected.
Caution: A possible reversal of the trend in the direction of the support level at 0.61878 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
There is also a ‘Bullish Belt Hold’ candle pattern is discovered. The chart forms ‘Bullish Belt Hold’. which is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Belt Hold’ heading up is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.62358 |
| 2nd High | 0.62191 |
| Next High | 0.62056 |
| Current Price | 0.61960 |
| Next Low | 0.61878 |
| 2nd Low | 0.61716 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/USD – USD – Bullish Belt Hold