AUD/USD – 4H – BUYThe combination Australian Dollar/US Dollar (AUD/USD) moves from the ascending trendline upwards
A continuation of the upward movement upwards to the next resistance line at 0.62465 will persist.
Caution: A possible reversal of the trend in the direction of the support level at 0.62002 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bullish Engulfing’ candle pattern is existing. The chart shows ‘Bullish Engulfing’. which is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.64291 |
| 2nd High | 0.62742 |
| Next High | 0.62465 |
| Current Price | 0.62163 |
| Next Low | 0.62002 |
| 2nd Low | 0.61987 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/USD – USD – Bullish Engulfing