AUD/CAD – 1H – BUYThe currency pair Australian Dollar/Canadian Dollar (AUD/CAD) moves from the bullish trendline downwards
The bearish trend downwards to the next support at 0.90340 is certain.
Caution: A possible counter-trend in the direction of the resistance level at 0.90748 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Bullish Meeting Lines’ candlestick chart pattern is discovered. The candles form ‘Bullish Meeting Lines’. this is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Meeting Lines’ heading up is 56% (Bull Market) & 52% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91347 |
| 2nd High | 0.90868 |
| Next High | 0.90748 |
| Current Price | 0.90470 |
| Next Low | 0.90340 |
| 2nd Low | 0.89830 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bullish Meeting Lines