AUD/USD – 30M – BUYThe currency pair Australian Dollar/US Dollar (AUD/USD) jumps from the descending trendline down.
A continuation of the downward movement downwards to the next support line at 0.63707 is considered certain.
Caution: A possible counter-trend in the direction of the resistance zone at 0.64327 could occur.
Consider stop-loss settings accordingly.
Additionally a ‘Last Engulfing Top’ chart pattern is existing. The chart shows ‘Last Engulfing Top’. this is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Last Engulfing Top’ heading down is 68% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.65144 |
| 2nd High | 0.64641 |
| Next High | 0.64327 |
| Current Price | 0.64007 |
| Next Low | 0.63707 |
| 2nd Low | 0.63652 |
| 3rd Low | 0.63557 |
0.64327 – 0.64641 – 0.65144 – 0.63707 – 0.64021 – 0.64211
Trading Signals: FOREX – AUD – AUD/USD – USD – Last Engulfing Top