AUD/CAD – 30M – BUYThe currency pair Australian Dollar/Canadian Dollar (AUD/CAD) breaks through the bullish trendline up.
A continuation of the uptrend upwards to the next resistance at 0.89899 is considered certain.
Caution: A possible counter-trend in the direction of support at 0.89298 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Two-Candle Shooting Star’ chart pattern is detected. The chart shows ‘Two-Candle Shooting Star’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Two-Candle Shooting Star’ heading down is 61% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90517 |
| 2nd High | 0.90032 |
| Next High | 0.89899 |
| Current Price | 0.89813 |
| Next Low | 0.89298 |
| 2nd Low | 0.89215 |
| 3rd Low | 0.88881 |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Two-Candle Shooting Star