EUR/AUD – 30M – SELLThe combination Euro/Australian Dollar (EUR/AUD) moves from the ascending trendline downwards
A bearish trend down to the next support level at 1.65803 is likely expected.
Caution: A possible counter-trend in the direction of the resistance level at 1.67149 could occur.
Consider stop-loss settings accordingly.
Then a ‘Bearish Engulfing’ candlestick chart pattern is discovered. The candles form ‘Bearish Engulfing’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.67149 |
| Current Price | 1.66581 |
| Next Low | 1.65803 |
| 2nd Low | 1.65406 |
| 3rd Low | 1.65118 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing