AUD/CAD – 1H – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the ascending trendline down.
A bearish trend downwards to the next support line at 0.89378 is certain.
Caution: A possible trend reversal in the direction of the resistance level at 0.89899 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Bullish Engulfing’ candlestick chart pattern is found. The candles show ‘Bullish Engulfing’. which is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90785 |
| 2nd High | 0.90032 |
| Next High | 0.89899 |
| Current Price | 0.89646 |
| Next Low | 0.89378 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bullish Engulfing