There is also a ‘Rising Wedge Chart Pattern’ chart layout is existing. The chart shows ‘Rising Wedge Chart Pattern’. which is a bearish signal. The currency pair is likely to fall.
The combination Euro/Australian Dollar (EUR/AUD) moves from the ascending trendline down.
A descending movement downwards to the next support line at 1.77303 will continue.
Caution: A possible change in the direction of resistance at 1.77886 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
There is also a ‘Three Outside Down’ candlestick pattern is existing. The candles form ‘Three Outside Down’. which is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
Support & Resistance | Price Range* |
---|---|
3rd High | 1.78401 |
2nd High | 1.78228 |
Next High | 1.77886 |
Current Price | 1.77540 |
Next Low | 1.77303 |
2nd Low | 1.76260 |
3rd Low | 1.75118 |
1.77886 – 1.77512 – 1.77565 – 1.77303 – 1.76260 – 1.76771
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Three Outside Down