AUD/USD – 30M – SELLThe currency pair Australian Dollar/US Dollar (AUD/USD) jumps from the descending trendline down.
A continuation of the downward movement downwards to the next support line at 0.61987 is considered certain.
Caution: A possible change in the direction of the resistance zone at 0.63269 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Bearish Engulfing’ candlestick chart pattern is detected. The chart forms ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.63775 |
| 2nd High | 0.63548 |
| Next High | 0.63269 |
| Current Price | 0.62468 |
| Next Low | 0.61987 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/USD – USD – Bearish Engulfing