AUD/USD – 4H – BUYThe combination Australian Dollar/US Dollar (AUD/USD) jumps from the descending trendline down.
A continuation of the bearish trend down to the next support level at 0.63363 is expected.
Caution: A possible counter-trend in the direction of the resistance zone at 0.64712 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Three Outside Up’ candle chart pattern is discovered. The chart shows ‘Three Outside Up’. which is a positive signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.65496 |
| 2nd High | 0.65277 |
| Next High | 0.64712 |
| Current Price | 0.63657 |
| Next Low | 0.63363 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/USD – USD – Three Outside Up