EUR/AUD – 30M – BUYBesides a ‘Double bottom retreat down’ chart pattern is detected. The chart picture shows ‘Double bottom retreat down’. which is a negative chart scenario. The currency pair is likely to go down.
The combination Euro/Australian Dollar (EUR/AUD) breaks through the ascending trendline upwards
A continuation of the bullish trend upwards to the next resistance line at 1.78324 will continue.
Caution: A possible trend reversal in the direction of the support level at 1.77220 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Northern Doji’ candlestick chart pattern is existing. The chart shows ‘Northern Doji’. this is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.78876 |
| 2nd High | 1.78820 |
| Next High | 1.78324 |
| Current Price | 1.78130 |
| Next Low | 1.77220 |
| 2nd Low | 1.75118 |
| 3rd Low | 1.74973 |
1.78324 – 1.77650 – 1.75642 – 1.77220 – 1.75118 – 1.74973
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Northern Doji