AUD/CAD – 1H – SELLThe combination Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the bullish trendline down.
The bearish trend downwards to the next support at 0.89524 is certain.
Caution: A possible trend reversal in the direction of resistance at 0.90032 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bearish Engulfing’ candle pattern is found. The chart forms ‘Bearish Engulfing’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90789 |
| 2nd High | 0.90785 |
| Next High | 0.90032 |
| Current Price | 0.89537 |
| Next Low | 0.89524 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing