AUD/CAD – 1H – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) moves from the ascending trendline down.
A bearish trend downwards to the next support at 0.89623 is certain.
Caution: A possible trend reversal in the direction of resistance at 0.90009 could be enabled.
Consider stop-loss settings accordingly.
Furthermore a ‘Bullish Engulfing’ chart pattern is existing. The chart forms ‘Bullish Engulfing’. 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 ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90789 |
| 2nd High | 0.90785 |
| Next High | 0.90009 |
| Current Price | 0.89775 |
| Next Low | 0.89623 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bullish Engulfing