EUR/AUD – 4H – BUYThe currency pair Euro/Australian Dollar (EUR/AUD) jumps from the ascending trendline downwards
A bearish movement downwards to the next support level at 1.63613 is certain.
Caution: A possible trend reversal in the direction of the resistance level at 1.67087 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Matching Low’ candlestick chart pattern is discovered. The candles show ‘Matching Low’. 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 ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.67149 |
| Next High | 1.67087 |
| Current Price | 1.66732 |
| Next Low | 1.63613 |
| 2nd Low | 1.63504 |
| 3rd Low | 1.61583 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Matching Low