AUD/CAD – 30M – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the descending trendline down.
A continuation of the downtrend down to the next support at 0.89298 will continue.
Caution: A possible counter-trend in the direction of the resistance line at 0.90173 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bullish trend broke through the Fibonacci 0.79-Level.Continuation of the current descending trend will continue. Current target is 0.89298 at the Fibonacci level 1-Level. Caution: A possible counter-trend in the direction of the support line at 0.90173 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Matching Low’ candle pattern is detected. The candles form ‘Matching Low’. this is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90785 |
| 2nd High | 0.90517 |
| Next High | 0.90173 |
| Current Price | 0.89449 |
| Next Low | 0.89298 |
| 2nd Low | 0.89215 |
| 3rd Low | 0.88881 |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Matching Low