AUD/USD – 1H – SELLThe currency pair Australian Dollar/US Dollar (AUD/USD) jumps from the descending trendline downwards
A continuation of the bearish trend down to the next support at 0.62708 will continue.
Caution: A possible trend reversal in the direction of the resistance line at 0.63058 is within the realm of possibility.
Consider stop-loss settings accordingly.
Also there is a ‘Three Outside Down’ candlestick chart pattern is detected. The candles form ‘Three Outside Down’. which is a negative pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
Also there is a ‘Double top chart pattern’ chart formation is discovered. The formation shows ‘Double top chart pattern’. this is a bearish pattern signal. The currency pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.63663 |
| 2nd High | 0.63634 |
| Next High | 0.63058 |
| Current Price | 0.62751 |
| Next Low | 0.62708 |
| 2nd Low | 0.62689 |
| 3rd Low | 0.62584 |
0.63058 – 0.63634 – 0.63663 – 0.62708 – 0.63208 – 0.63436
Trading Signals: FOREX – AUD – AUD/USD – USD – Three Outside Down