AUD/CAD – 30M – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) moves from the bearish trendline down.
A continuation of the downtrend down to the next support at 0.89623 will continue.
Caution: A possible counter-trend in the direction of the resistance level at 0.90009 is also possible.
Consider stop-loss settings accordingly.
In addition a ‘Bullish Engulfing’ candlestick pattern is discovered. The candles show ‘Bullish Engulfing’. this is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90785 |
| 2nd High | 0.90517 |
| Next High | 0.90009 |
| Current Price | 0.89879 |
| Next Low | 0.89623 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bullish Engulfing