EUR/AUD – 1H – BUYThe combination Euro/Australian Dollar (EUR/AUD) breaks through the bearish trendline up.
An ascent upwards to the next resistance at 1.67049 is likely expected.
Caution: A possible reversal of the trend in the direction of the support zone at 1.66311 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bearish trend broke the Fibonacci 0.79-Level.Continuation of the current ascending trend is likely expected. Current target is 1.67149 at the Fibonacci level 1-Level. Caution: A possible reversal of the trend in the direction of the resistance zone at 1.67049 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Three Outside Up’ candlestick pattern is discovered. The chart forms ‘Three Outside Up’. this is a bullish pattern signal. The currency pair is likely to rise. 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 | 1.67149 |
| 2nd High | 1.67087 |
| Next High | 1.67049 |
| Current Price | 1.67018 |
| Next Low | 1.66311 |
| 2nd Low | 1.66197 |
| 3rd Low | 1.65662 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Three Outside Up