EUR/AUD – 4H – BUYThe pair Euro/Australian Dollar (EUR/AUD) moves from the descending trendline downwards
A continuation of the downtrend down to the next support at 1.73858 is considered certain.
Caution: A possible counter-trend in the direction of resistance at 1.78876 could happen.
Consider stop-loss settings accordingly.
Also there is a ‘Matching Low’ candle chart pattern is discovered. The candles form ‘Matching Low’. this is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.84480 |
| 2nd High | 1.80162 |
| Next High | 1.78876 |
| Current Price | 1.75497 |
| Next Low | 1.73858 |
| 2nd Low | 1.71120 |
| 3rd Low | 1.70493 |
1.78876 – 1.80162 – 1.84480 – 1.73858 – 1.76501 – 1.77609
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Matching Low