AUD/CAD – 1H – BUYThe currency pair Australian Dollar/Canadian Dollar (AUD/CAD) breaks through the descending trendline upwards
A bullish movement upwards to the next resistance at 0.89837 is likely expected.
Caution: A possible trend reversal in the direction of the support zone at 0.89524 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Three Outside Up’ candle chart pattern is existing. The candles show ‘Three Outside Up’. which is a positive pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90785 |
| 2nd High | 0.90032 |
| Next High | 0.89837 |
| Current Price | 0.89682 |
| Next Low | 0.89524 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Three Outside Up