EUR/AUD – 30M – BUYThe combination Euro/Australian Dollar (EUR/AUD) moves from the bullish trendline downwards
A bearish movement downwards to the next support line at 1.73686 is certain.
Caution: A possible trend reversal in the direction of the resistance line at 1.76719 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Below The Stomach’ chart pattern is found. The candles form ‘Below The Stomach’. this 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 ‘Below The Stomach’ heading down is 60% (Bull Market) & 65% (Bear Market).
In addition a ‘Double top chart pattern’ chart layout is found. The formation shows ‘Double top chart pattern’. which is a bearish signal. The currency pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.78820 |
| 2nd High | 1.77520 |
| Next High | 1.76719 |
| Current Price | 1.75818 |
| Next Low | 1.73686 |
| 2nd Low | 1.73668 |
| 3rd Low | 1.71820 |
1.76719 – 1.77520 – 1.78820 – 1.75938 – 1.76572 – 1.75983
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Below The Stomach