EUR/AUD – 1H – BUYThe pair Euro/Australian Dollar (EUR/AUD) jumps from the bullish trendline upwards
A continuation of the uptrend up to the next resistance level at 1.67700 will persist.
Caution: A possible trend reversal in the direction of support at 1.66910 is within the realm of possibility.
Consider stop-loss settings accordingly.
Correction of the major bullish trend halted around the Fibonacci 0.5-Level.Continuation of the current ascending trend will persist. Current target is 1.6761362 at the Fibonacci level 0.24-Level. Caution: A possible trend reversal in the direction of the resistance zone at 1.67700 is within the realm of possibility.
Consider stop-loss settings accordingly.
Besides a ‘Bullish Engulfing’ candle pattern is discovered. The candles show ‘Bullish Engulfing’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.68016 |
| Next High | 1.67700 |
| Current Price | 1.67391 |
| Next Low | 1.66910 |
| 2nd Low | 1.66898 |
| 3rd Low | 1.66311 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bullish Engulfing