EUR/AUD – 1H – BUYThe pair Euro/Australian Dollar (EUR/AUD) jumps from the descending trendline down.
A continuation of the downward movement downwards to the next support level at 1.63613 is expected.
Caution: A possible trend reversal in the direction of the resistance level at 1.65767 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
And also a ‘Three Outside Up’ candlestick pattern is discovered. The chart forms ‘Three Outside Up’. this is a bullish pattern 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 | 1.65998 |
| 2nd High | 1.65839 |
| Next High | 1.65767 |
| Current Price | 1.64934 |
| Next Low | 1.63613 |
| 2nd Low | 1.63504 |
| 3rd Low | 1.63342 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Three Outside Up