AUD/CAD – 1H – BUYThe currency pair Australian Dollar/Canadian Dollar (AUD/CAD) moves from the ascending trendline downwards
The bearish trend downwards to the next support level at 0.89550 is certain.
Caution: A possible trend reversal in the direction of resistance at 0.90032 could be enabled.
Consider stop-loss settings accordingly.
Moreover a ‘Bullish Meeting Lines’ candle chart pattern is discovered. The chart forms ‘Bullish Meeting Lines’. which is a positive chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Meeting Lines’ going up is 56% (Bull Market) & 52% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90789 |
| 2nd High | 0.90785 |
| Next High | 0.90032 |
| Current Price | 0.89738 |
| Next Low | 0.89550 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bullish Meeting Lines