AUD/USD – 30M – BUYThe combination Australian Dollar/US Dollar (AUD/USD) moves from the bearish trendline down.
A continuation of the bearish trend downwards to the next support at 0.63539 will continue.
Caution: A possible counter-trend in the direction of the resistance line at 0.64291 should be noted.
Consider stop-loss settings accordingly.
Furthermore a ‘Bullish Engulfing’ candle chart pattern is discovered. The candles show ‘Bullish Engulfing’. which is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.64935 |
| 2nd High | 0.64712 |
| Next High | 0.64291 |
| Current Price | 0.63589 |
| Next Low | 0.63539 |
| 2nd Low | 0.63363 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/USD – USD – Bullish Engulfing