EUR/AUD – 1H – SELLThe currency pair Euro/Australian Dollar (EUR/AUD) goes from the ascending trendline downwards
A bearish trend downwards to the next support level at 1.61995 is certain.
Caution: A possible trend reversal in the direction of the resistance line at 1.63070 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Bearish Engulfing’ chart pattern is detected. The chart forms ‘Bearish Engulfing’. which is a negative chart scenario. The 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 | 1.62143 |
| Next Low | 1.61995 |
| 2nd Low | 1.61689 |
| 3rd Low | 1.61260 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing