EUR/AUD – 1H – SELLAdditionally a ‘Double bottom retreat down’ chart pattern is detected. The chart forms ‘Double bottom retreat down’. which is a negative pattern signal. The currency pair is likely to fall.
The currency pair Euro/Australian Dollar (EUR/AUD) moves from the descending trendline downwards
A continuation of the bearish trend downwards to the next support at 1.76632 is considered certain.
Caution: A possible change in the direction of the resistance line at 1.77565 is also possible.
Consider stop-loss settings accordingly.
Additionally a ‘Tweezers Top’ candlestick pattern is detected. The chart forms ‘Tweezers Top’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Tweezers Top’ heading down is 56% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.78831 |
| 2nd High | 1.78228 |
| Next High | 1.77565 |
| Current Price | 1.77158 |
| Next Low | 1.76632 |
| 2nd Low | 1.74973 |
| 3rd Low | 1.74614 |
1.77565 – 1.78228 – 1.78831 – 1.76632 – 1.76883 – 1.77355
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Tweezers Top