AUD/USD – 1H – BUYThe combination Australian Dollar/US Dollar (AUD/USD) moves from the bearish trendline up.
A bullish ascent up to the next resistance at 0.63775 is expected.
Caution: A possible counter-trend in the direction of the support line at 0.63363 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Bullish Engulfing’ candle pattern is existing. The candles form ‘Bullish Engulfing’. which is a bullish chart scenario. The currency 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 | 0.63833 |
| 2nd High | 0.63824 |
| Next High | 0.63775 |
| Current Price | 0.63432 |
| Next Low | 0.63363 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/USD – USD – Bullish Engulfing