EUR/AUD – 30M – BUYNext a ‘Double bottom retreat down’ chart pattern is discovered. The formation shows ‘Double bottom retreat down’. which is a bearish chart scenario. The currency pair is likely to go down.
The combination Euro/Australian Dollar (EUR/AUD) breaks through the ascending trendline up.
A continuation of the bullish trend upwards to the next resistance at 1.78324 is expected.
Caution: A possible trend reversal in the direction of support at 1.77220 is within the realm of possibility.
Consider stop-loss settings accordingly.
Next a ‘Bullish Engulfing’ candle chart pattern is discovered. The chart shows ‘Bullish Engulfing’. which is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.78876 |
| 2nd High | 1.78820 |
| Next High | 1.78324 |
| Current Price | 1.78179 |
| 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 – Bullish Engulfing