AUD/USD – 1H – SELLThe combination Australian Dollar/US Dollar (AUD/USD) jumps from the ascending trendline downwards
A descending movement down to the next support level at 0.61788 is expected.
Caution: A possible trend reversal in the direction of the resistance line at 0.62225 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bearish Engulfing’ candle chart pattern is found. The candles form ‘Bearish Engulfing’. which is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.62539 |
| 2nd High | 0.62465 |
| Next High | 0.62225 |
| Current Price | 0.62085 |
| Next Low | 0.61788 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/USD – USD – Bearish Engulfing