AUD/CAD – 30M – SELLThe pair Australian Dollar/Canadian Dollar (AUD/CAD) goes from the ascending trendline downwards
A bearish trend downwards to the next support level at 0.89413 will persist.
Caution: A possible counter-trend in the direction of the resistance level at 0.89837 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Last Engulfing Bottom:’ candle pattern is discovered. The candles form ‘Last Engulfing Bottom:’. which is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Last Engulfing Bottom:’ heading down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90517 |
| 2nd High | 0.90032 |
| Next High | 0.89837 |
| Current Price | 0.89681 |
| Next Low | 0.89413 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Last Engulfing Bottom: