EUR/AUD – 30M – BUYThe currency pair Euro/Australian Dollar (EUR/AUD) breaks through the descending trendline upwards
A bullish trend up to the next resistance at 1.65604 will persist.
Caution: A possible reversal of the trend in the direction of the support line at 1.63504 is within the realm of possibility.
Consider stop-loss settings accordingly.
Correction of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend will persist. Target of the current trend is 1.65604 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of resistance at 1.65604 is within the realm of possibility.
Consider stop-loss settings accordingly.
Then a ‘Bullish Engulfing’ candlestick pattern is existing. The chart shows ‘Bullish Engulfing’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.65998 |
| 2nd High | 1.65839 |
| Next High | 1.65604 |
| Current Price | 1.65247 |
| Next Low | 1.63504 |
| 2nd Low | 1.63342 |
| 3rd Low | 1.63237 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bullish Engulfing