EUR/AUD – 1H – BUYThe pair Euro/Australian Dollar (EUR/AUD) jumps from the bullish trendline downwards
A bearish trend downwards to the next support line at 1.71120 will persist.
Caution: A possible reversal of the trend in the direction of the resistance zone at 1.78820 could happen.
Consider stop-loss settings accordingly.
Additionally a ‘Last Engulfing Top’ chart pattern is existing. The chart forms ‘Last Engulfing Top’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Last Engulfing Top’ going down is 68% (Bull Market) & 67% (Bear Market).
Additionally a ‘Support Level’ indicator layout is discovered. The indicator is ‘Support Level’. this is usually a bearish chart signal. The pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.79828 |
| 2nd High | 1.78876 |
| Next High | 1.78820 |
| Current Price | 1.76487 |
| Next Low | 1.71120 |
| 2nd Low | 1.71044 |
| 3rd Low | 1.70527 |
1.78820 – 1.78876 – 1.78170 – 1.76997 – 1.77107 – 1.77240
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Last Engulfing Top