EUR/AUD – 30M – BUYThe currency pair Euro/Australian Dollar (EUR/AUD) jumps from the descending trendline down.
A continuation of the bearish trend down to the next support at 1.65803 will continue.
Caution: A possible counter-trend in the direction of the resistance level at 1.67046 should be noted.
Consider stop-loss settings accordingly.
Besides a ‘Three Outside Up’ candle pattern is found. The chart shows ‘Three Outside Up’. which is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.67149 |
| Next High | 1.67046 |
| Current Price | 1.65851 |
| Next Low | 1.65803 |
| 2nd Low | 1.65406 |
| 3rd Low | 1.65118 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Three Outside Up