AUD/CAD – 1H – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) goes from the descending trendline downwards
A continuation of the downtrend downwards to the next support level at 0.89623 is certain.
Caution: A possible counter-trend in the direction of the resistance zone at 0.90009 is also possible.
Consider stop-loss settings accordingly.
There is also a ‘Matching Low’ candle pattern is found. The candles form ‘Matching Low’. which is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90789 |
| 2nd High | 0.90785 |
| Next High | 0.90009 |
| Current Price | 0.89732 |
| Next Low | 0.89623 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Matching Low