AUD/CAD – 1H – BUYThe pair Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the bullish trendline down.
The bearish trend down to the next support at 0.89550 will continue.
Caution: A possible counter-trend in the direction of resistance at 0.89987 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend will continue. Current target is 0.8955 at the Fibonacci level 0-Level. Caution: A possible counter-trend in the direction of the support level at 0.89987 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Three Outside Down’ candle pattern is detected. The chart shows ‘Three Outside Down’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90785 |
| 2nd High | 0.90009 |
| Next High | 0.89987 |
| Current Price | 0.89781 |
| Next Low | 0.89550 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Three Outside Down