EUR/AUD – 30M – BUYThe currency pair Euro/Australian Dollar (EUR/AUD) breaks through the descending trendline up.
A bullish ascent up to the next resistance at 1.62324 is certain.
Caution: A possible change in the direction of the support level at 1.61583 should always be considered.
Consider stop-loss settings accordingly.
And also a ‘Bullish Engulfing’ candle pattern is discovered. The candles form ‘Bullish Engulfing’. which is a positive pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.62743 |
| 2nd High | 1.62524 |
| Next High | 1.62324 |
| Current Price | 1.62376 |
| Next Low | 1.61583 |
| 2nd Low | 1.61260 |
| 3rd Low | 1.60040 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bullish Engulfing