EUR/AUD – 1H – BUYThe pair Euro/Australian Dollar (EUR/AUD) goes from the descending trendline downwards
A continuation of the downtrend downwards to the next support at 1.73858 is considered certain.
Caution: A possible counter-trend in the direction of the resistance zone at 1.75840 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Northern Doji’ candlestick chart pattern is detected. The chart shows ‘Northern Doji’. which is a bullish chart scenario. The currency pair is likely to go up. 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 ‘Double top chart pattern’ chart formation is found. The chart shows ‘Double top chart pattern’. this is a bearish signal. The pair is likely to go down.
Furthermore a ‘Support Level’ indicator signal is found. The indicator is ‘Support Level’. which could be a negative signal. The pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.77520 |
| 2nd High | 1.76294 |
| Next High | 1.75840 |
| Current Price | 1.74669 |
| Next Low | 1.73858 |
| 2nd Low | 1.71120 |
| 3rd Low | 1.71044 |
1.75840 – 1.76294 – 1.76222 – 1.75144 – 1.75042 – 1.75291
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Northern Doji