AUD/USD – 30M – SELLThe pair Australian Dollar/US Dollar (AUD/USD) moves from the descending trendline down.
A continuation of the downtrend down to the next support at 0.63447 is expected.
Caution: A possible counter-trend in the direction of the resistance level at 0.63769 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bearish Engulfing’ chart pattern is existing. The candles show ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to fall. 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 | 0.63833 |
| 2nd High | 0.63824 |
| Next High | 0.63769 |
| Current Price | 0.63698 |
| Next Low | 0.63447 |
| 2nd Low | 0.63363 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/USD – USD – Bearish Engulfing