AUD/USD – 4H – BUYThe currency pair Australian Dollar/US Dollar (AUD/USD) moves from the ascending trendline down.
A bearish descent downwards to the next support at 0.61987 will continue.
Caution: A possible reversal of the trend in the direction of the resistance level at 0.64291 should always be considered.
Consider stop-loss settings accordingly.
Besides a ‘Three Outside Up’ candlestick chart pattern is detected. The chart forms ‘Three Outside Up’. which is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.65277 |
| 2nd High | 0.64712 |
| Next High | 0.64291 |
| Current Price | 0.62333 |
| Next Low | 0.61987 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/USD – USD – Three Outside Up