AUD/USD – 1H – BUYThe pair Australian Dollar/US Dollar (AUD/USD) moves from the bearish trendline downwards
A continuation of the bearish trend downwards to the next support level at 0.62576 is expected.
Caution: A possible change in the direction of the resistance level at 0.63058 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Then a ‘Northern Doji’ candle chart pattern is discovered. The chart shows ‘Northern Doji’. which is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
Then a ‘Double top chart pattern’ chart formation is existing. The chart picture forms ‘Double top chart pattern’. this is a bearish chart scenario. 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 | 0.62833 |
| Next Low | 0.62576 |
| 2nd Low | 0.61867 |
| 3rd Low | 0.61702 |
0.63058 – 0.63634 – 0.63663 – 0.62576 – 0.62708 – 0.63208
Trading Signals: FOREX – AUD – AUD/USD – USD – Northern Doji