AUD/USD – 1H – SELLThe currency pair Australian Dollar/US Dollar (AUD/USD) goes from the bearish trendline down.
A continuation of the downtrend downwards to the next support level at 0.64709 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance zone at 0.65496 is also possible.
Consider stop-loss settings accordingly.
Moreover a ‘Bearish Engulfing’ candle chart pattern is detected. The candles form ‘Bearish Engulfing’. which is a bearish pattern 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’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.66875 |
| 2nd High | 0.65815 |
| Next High | 0.65496 |
| Current Price | 0.64888 |
| Next Low | 0.64709 |
| 2nd Low | 0.64476 |
| 3rd Low | 0.64426 |
Trading Signals: FOREX – AUD – AUD/USD – USD – Bearish Engulfing