AUD/CAD – 30M – SELLThe combination Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the descending trendline downwards
A continuation of the downward movement downwards to the next support level at 0.90499 will continue.
Caution: A possible reversal of the trend in the direction of resistance at 0.90785 is within the realm of possibility.
Consider stop-loss settings accordingly.
In addition a ‘Bearish Engulfing’ chart pattern is discovered. The candles show ‘Bearish Engulfing’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90868 |
| 2nd High | 0.90789 |
| Next High | 0.90785 |
| Current Price | 0.90546 |
| Next Low | 0.90499 |
| 2nd Low | 0.90389 |
| 3rd Low | 0.90340 |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing