EUR/AUD – 1H – BUYThe pair Euro/Australian Dollar (EUR/AUD) breaks through the descending trendline up.
A bullish trend up to the next resistance at 1.62366 will persist.
Caution: A possible reversal of the trend in the direction of the support line at 1.59661 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend broke the Fibonacci 0.5-Level.Continuation of the current ascending trend will persist. Current target is 1.62121966 at the Fibonacci level 0.79-Level. Caution: A possible reversal of the trend in the direction of the resistance level at 1.62366 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Three White Soldiers’ candlestick pattern is discovered. The candles form ‘Three White Soldiers’. which is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three White Soldiers’ heading up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.63611 |
| 2nd High | 1.62792 |
| Next High | 1.62366 |
| Current Price | 1.61372 |
| Next Low | 1.59661 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Three White Soldiers