EUR/AUD – 30M – SELLThe combination Euro/Australian Dollar (EUR/AUD) goes from the ascending trendline down.
A descent downwards to the next support at 1.62251 will persist.
Caution: A possible counter-trend in the direction of the resistance line at 1.63070 could happen.
Consider stop-loss settings accordingly.
There is also a ‘Bearish Engulfing’ candlestick chart pattern is found. The candles form ‘Bearish Engulfing’. which is a negative pattern signal. The currency pair is likely to go down. 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 | 1.64969 |
| 2nd High | 1.63611 |
| Next High | 1.63070 |
| Current Price | 1.62505 |
| Next Low | 1.62251 |
| 2nd Low | 1.61689 |
| 3rd Low | 1.61260 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing