EUR/AUD – 30M – SELLThe combination Euro/Australian Dollar (EUR/AUD) jumps from the bearish trendline downwards
A continuation of the bearish trend downwards to the next support level at 1.61620 will continue.
Caution: A possible reversal of the trend in the direction of the resistance level at 1.62366 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
There is also a ‘Bearish Engulfing’ candlestick pattern is found. The chart forms ‘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 success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.62998 |
| 2nd High | 1.62792 |
| Next High | 1.62366 |
| Current Price | 1.60970 |
| Next Low | 1.61620 |
| 2nd Low | 1.61392 |
| 3rd Low | 1.61336 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing