AUD/USD – 4H – BUYThe currency pair Australian Dollar/US Dollar (AUD/USD) breaks through the bearish trendline up.
The bullish trend up to the next resistance line at 0.64389 is likely expected.
Caution: A possible reversal of the trend in the direction of support at 0.63434 should always be considered.
Consider stop-loss settings accordingly.
Furthermore a ‘Northern Doji’ chart pattern is found. The candles show ‘Northern Doji’. this is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
Furthermore a ‘Resistance Level’ indicator layout is discovered. The indicator is ‘Resistance Level’. this is usually a bullish signal. The currency pair could go up.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 0.64389 |
| Current Price | 0.63962 |
| Next Low | 0.63434 |
| 2nd Low | 0.59139 |
| 3rd Low |
0.64389 – 0.63887 – 0.63302 – 0.63434 – 0.59139 – 0.59326
Trading Signals: FOREX – AUD – AUD/USD – USD – Northern Doji