AUD/CAD – 1H – SELLThe combination Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the ascending trendline down.
The bearish trend downwards to the next support line at 0.88881 will persist.
Caution: A possible trend reversal in the direction of the resistance level at 0.89714 should be noted.
Consider stop-loss settings accordingly.
And also a ‘Bearish Harami’ candle pattern is detected. The candles form ‘Bearish Harami’. which is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Harami’ heading down is 53% (Bull Market) & 50% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90032 |
| 2nd High | 0.89899 |
| Next High | 0.89714 |
| Current Price | 0.89437 |
| Next Low | 0.88881 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Harami