AUD/CAD – 4H – SELLThe combination Australian Dollar/Canadian Dollar (AUD/CAD) moves from the bearish trendline downwards
A continuation of the bearish trend downwards to the next support level at 0.89830 is certain.
Caution: A possible counter-trend in the direction of resistance at 0.90789 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Three Outside Down’ chart pattern is discovered. The candles show ‘Three Outside Down’. 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 success rate of a ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91347 |
| 2nd High | 0.90868 |
| Next High | 0.90789 |
| Current Price | 0.89847 |
| Next Low | 0.89830 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Three Outside Down