AUD/USD – 30M – SELLCorrection of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is considered certain. Current target is 0.63681364 at the Fibonacci level 0.24-Level. Caution: A possible reversal of the trend in the direction of the support line at 0.64291 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
And also a ‘Bearish Engulfing’ candlestick pattern is detected. The chart shows ‘Bearish Engulfing’. which is a negative signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.64935 |
| 2nd High | 0.64712 |
| Next High | 0.64291 |
| Current Price | 0.63850 |
| Next Low | 0.63363 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/USD – USD – Bearish Engulfing