AUD/CAD – 30M – SELLThe pair Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the descending trendline downwards
A continuation of the downward movement downwards to the next support line at 0.89674 will persist.
Caution: A possible counter-trend in the direction of the resistance level at 0.89938 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Bearish Engulfing’ candle chart pattern is discovered. The chart shows ‘Bearish Engulfing’. which is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90517 |
| 2nd High | 0.90009 |
| Next High | 0.89938 |
| Current Price | 0.89717 |
| Next Low | 0.89674 |
| 2nd Low | 0.89623 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing