EUR/AUD – 1H – BUYThe currency pair Euro/Australian Dollar (EUR/AUD) breaks through the descending trendline up.
A bullish ascent up to the next resistance line at 1.62449 is considered certain.
Caution: A possible reversal of the trend in the direction of the support zone at 1.61260 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is considered certain. Target of the current trend is 1.62449 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of the resistance zone at 1.62449 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Three White Soldiers’ candlestick pattern is found. The candles form ‘Three White Soldiers’. this is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three White Soldiers’ going up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.63611 |
| 2nd High | 1.62792 |
| Next High | 1.62449 |
| Current Price | 1.62103 |
| Next Low | 1.61260 |
| 2nd Low | 1.59661 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Three White Soldiers